O wners , D evelopers & M anagers S hopping C enters Andy Stape and Vito Lupo represent seller of 246,000 s/f retail center renovated in 2014 KLNB Retail Investment Sales Group brokers sale of Newberry Commons near Harrisburg, PA E direct visibility to the nearly 62,000 vehicles passing the site on a daily basis. www.marejournal.com M id A tlantic Real Estate Journal — Shopping Centers — January 27 - February 9, 2017 — 5A
work at Newberry Commons to manage divisions includ- ing information technology, human resources, payroll, and computer systems test- ing. “Newberry Commons has an extremely strong and stable group of tenants, led by the dominant area gro- cery store, Darrenkamp’s Market, and Rite Aid, both with long term leases,” said Lupo. “The daily presence of approximately 700 em- ployees working within the Rite Aid operations center provides a built-in consumer base for the other tenants in the center, and the project is surrounded by healthy and growing demographics. The new owner acquired a strategically-located asset with stable anchors and up- side potential in leasing the current vacancy which will provide long-term value.” n
TTERS, PA — The KLNB Retail Invest- ment Sales Group has brokered the sale of New- berry Commons, a 246,000 s/f grocery-anchored com- munity retail center located in Etters, near Harrisburg for $17 million. Andy Stape and Vito Lupo of KLNB Retail represented the seller, Newberry Commons, LLC and also procured the buyer, Vastgood Properties in this transaction. Located at 10 Newberry Commons, the asset was 95% leased at the time of the sale. The center, constructed in 1987, is presently anchored by Darrenkamp’s Market, a regional grocer with four locations, and Rite Aid opera- tional headquarters. These anchors are complimented by a variety of national, regional, and local tenants well suited to the commu- LANDENBERG, PA — Patterson-Woods Commer- cial Properties/CORFAC International , a full-service commercial real estate pro- vider serving the Mid-Atlan- tic market, announced the completion of the sale of an approximately 16,000 s/f retail shopping center on 5.3 acres located along New London Rd. (Rte. 896) in Landenberg (shown). The property was sold by Shops of London Britain, LLC, to a successful local investor in the Mid-Atlantic region dba London Britain, LLC. The pur- chase price was $2.9 million. Chris Moore of Patterson- Woods represented both the seller and procured the pur- chaser in this transaction. Moore specializes in commer- cial industrial and investment properties. The Shops of London Britain, constructed in 1999, is a 9-ten- ant retail center serving the community of London Britain Twp. in Chester County, PA. There is a mix of long-term,
The center was the recipi- ent of an extensive $2 mil- lion renovation package in 2014 which focused primarily on the improvement of the grocery store space. The pro- gram included the installa- tion of a covered entrance and extended to upgrades of the HVAC system and parking lot, as well as new exterior lighting. Approximately 130,000 s/f of the project is leased and occupied by Rite Aid Phar- macy, which maintains an operations center at New- berry Commons and has a long-term lease. The national retailer maintains two head- quarter locations in Pennsyl- vania, including one in Camp Hill which is approximately nine miles from the site. More than 700 Rite Aid employees
Newberry Commons
nity. Newberry Commons is positioned directly off I-83, the primary north-south com-
muter highway connecting Baltimore, MD with Harris- burg, PA, and the center has
Patterson-Woods/CORFAC Int’l inks $2.9m sale of 16,000 s/f retail center
R.J. Brunelli announces new 7-eleven tenant representation assignment
7 Eleven stock photo
Freestanding suburban loca- tions must have a 12,000 s/f minimum lot size with room for at least 10 parking spaces in front of the store. Suburban sites must be situated along roads with a minimum daily traffic count of 15,000 vehicles. Signalized intersections are preferred, along with the abil- ity to operate a 24-hour conve- nience store. Walk-up locations in busy, downtown urbanmarkets with high pedestrian counts and nearby mass transit will also be considered. n
OLD BRIDGE, NJ — Re- tail leasing specialists R.J. Brunelli & Co., LLC , an- nounced that it has been se- lected by 7-Eleven, Inc. as its preferred real estate broker for store sites in Monmouth, Ocean, Mercer, Middlesex and Union Counties inNew Jersey. 7-Eleven is seeking 2,800- to 3,000 s/f freestanding or end cap units with a 25-foot minimum width, notes R.J. Brunelli senior sales associate Patti Fiore AmecAngelo , who serves as the firm’s ac- count manager for 7-Eleven.
stable retail and restaurant tenants including K&T Auto- motive, NEO Salon, Princess of Nails, Abundance Academy of Dance, Daddy’s Kitchen, and 896 Pie, as well as an updated Sunoco gas station with car wash and convenience store. There is currently one remain- ing 1,255 s/f retail space avail- able for lease. "The recent construction and diligent maintenance by the previous owner added value and appeal to this property,”
said Moore. “Both the buyer and the seller are experienced investors, making this a very smooth transaction.” Patterson-Woods Commer- cial Properties/CORFAC In- ternational is a commercial real estate services firm spe- cializing in the Mid-Atlantic commercial property markets. They have been providing com- mercial real estate services to the communities of Delaware, Maryland and Pennsylvania for over 50 years. n
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