6C — October 10 - 23, 2014 — Pennsylvania — M id A tlantic

Real Estate Journal


E astern PA Nassimi Realty, LLC acquires shopping center in Kutztown, PA Nathanson of CBRE leads transaction of a 115,359 s/f sale of Weis Plaza


UTZTOWN, PA — CBRE, Inc. (CBRE) has brokered the sale

Additional retail tenants in- clude Dollar General, Once Again Thrift Store, National Auto Stores and RadioShack. “Value-added shopping cen- ters, with a grocery-anchor component, still remain in very high demand among all investor classes and continue to draw regional and national interest,” said Nathanson. “The stability of owning a top tier grocer within the tenant mix al- lows for a premium on rentals, pushing for better appreciation among these demanded assets.” The property is well located on Kutztown Rd. (East Main

viewed the application •An attorney to tie it all to- gether There is no doubt that the stringent changes to the de- molition regulations have been implemented to promote safety of demolition sites and adjacent properties. Remaining questions sur- round the treatment of build- ings identified as “ID,” meaning they are in imminent danger of collapse. Currently, build- ings identified as “ID” are not treated any differently than buildings that are free of any such designation. Consider the following timeline for obtain- ing a demolition permit for a building that is identified as “ID”, and where the building footprint is over 15,000 s/f. Before an application may even be submitted, it takes time for professionals to prepare the required detailed plans and documents for submissions. The Water Department (which must approve a plan for a site greater than 15,000 s/f before it may be reviewed by L&I) has 15 days to review such application. Once submitted, L&I has up to 20 business days (or one month) to review an application. Questions need to be asked: Should a demolition application for a building that is declared “ID” be treated differently than a non-designated building’s application? How much time should be allowed for a building that has been declared “ID” to be brought down with proper permits? All of these issues re- garding timing can be adjusted whereby the process may be streamlined to foster public safety and efficiency. Yet, the biggest obstacle to the issuance of a demolition permit (whether the building is “ID” or not) may be obtaining consent from adjacent property owners to place tires/plywood on their property for protection, or obtaining consent to place demolition equipment on adja- cent property to ensure a build- ing is coming down in the safest and most efficient way possible. Philadelphia’s demolition . . . continued from page 4C continued on page 8C St.), providing excellent lo- cal and regional access while serving Kutztown University. The shopping center is within 30 minutes of Allentown and Reading via U.S. Rte. 222. n

of Weis Pla- za, located at 15260 Kutz- town Rd. in Ku t z t o wn , Berks Coun- ty, PA. Brad Nathanson , e x e c u t i v e vice president

Brad Nathanson

with CBRE’s Conshohocken office, represented the seller, Phillips Edison Fund III of Cincinnati, Ohio. Nassimi Realty, LLC of New York City,

Weis Plaza

acquired the property at an undisclosed price. Weis Plaza is a 115,359 s/f shopping center anchored by

a 56,614 s/f Weis Markets and its gas pad. The property, constructed in 1972, was 77% leased at the time of the sale.

Blue Restaurant Fine dining — Bethlehem, PA

Crayola Experience Tourist attraction — Easton, PA

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