Institutional Property Advisors Sells Grocery-Anchored Shopping Center in Allentown Pennsylvania
ALLENTOWN, Penn.,Dec. 4,2023 –Institutional Property Advisors (IPA), a division ofMarcus & Millichap(NYSE: MMI), announced today the sale of Dorneyville Shopping Center, a 101,651-square-foot, grocery-anchored neighborhood shopping center inAllentown, Pennsylvania. The property sold for $17.8 million.
“Demand for grocery-anchored shopping centers remains high, and Dorneyville Shopping Center drew substantial national interest given its proximity to Dorney Amusement Park and locale in one of the fastest-growing submarkets for new housing, industrial development, and above-average income growth in the state, the Lehigh Valley,” said Brad Nathanson, IPA executive director. Nathanson and IPA senior director JP Colussi represented the seller, Joshi Hotel Group and procured the buyer, LS Property Investments. “The prominence of value-add grocery-anchored centers in dense, high-income submarkets, a relatively new lease with Aldi and value-add components with vacancy and additional pad development attracted a large audience of investors who hold these strong retail fundamentals in high regard,” said Colussi.
The Dorneyville Shopping Center was 86% occupied at the time of the sale bya mix of grocery, restaurant, medical, fitness, and service-use tenants. The center is positioned at the intersection of some of the busiest interstate roadways that have made the Lehigh Valley one of the top economic growth markets in Pennsylvania. The property is adjacent to the Dorney Park & Wild Water Kingdom amusement park and approximately two miles from Cedar Crest Hospital.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.