S hopping C enters
Real Estate Journal — Shopping Centers — 3A
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M id A tlantic
218,290 s/f previously owned by the Hershey Trust Company Heidenberg Properties Group and partners acquire Hershey Square Shopping Ctr. for $28.5m H UMMELSTOWN, PA — A joint-ven- tur e par tne rh i p
between the Heidenberg Properties Group , Norse Realty and Strategic Real Estate Partners announced the aquisition of the Hershey Square Shopping Center in Hummelstown. This 218,290 s/f, supermarket-anchored center includes 30,600 s/f of in- line retail space and offers six outlots including Applebee’s, Panera Bread, and Verizon. Developed in 1994 and previ-
Hershey Square Shopping Center aerial view
Hershey Square Shopping Center
Oct. 24 - Nov. 13, 2014
developed in the early 1990’s,” adding that “we were also pleased to have a professional organization like Heidenberg Properties purchase the prop- erty and we are confident they will continue to operate the center in a first-class manner.” Robert Heinderberg , CEO of Heidenberg Properties, shared his enthusiasm for the new center. “We are excited
ously owned and operated by the Hershey Trust Com- pany , this asset has proven to be the area’s premier shopping destination and is located in the heart of Hershey’s enter- tainment, medical, and edu- cational campuses. Hershey Trust Company selected the joint-venture partners as the preferred purchaser because of the real
estate group’s proven industry experience and outstanding commitment to the highest standards of property mainte- nance, leasing, and communi- ty oriented development. Ken Gall , director of real estate for the Hershey Trust Company, said that the “Trust has been very happy with the perfor- mance of the Hershey Square Shopping Center since it was
about our aquisition of the Hershey Square Shopping Center and are pleased to be entering such a desirable market.” The purchase of Hershey Square represents an exciting addition to the firm’s portfolio, solidifying Heidenberg Proper- ties’ position as a significant retail player in the greater tri- state area of NY, NJ, and PA. n
HI-LIGHTS Marcus & Millichap arranges the $1.6m sale of Giant gas station
Brad Nathanson of CBRE represents both buyer and seller in the transaction Katz Properties acquires 107,220 s/f Gloucester Town Center in Sicklerville, NJ for $10.35 million
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Peterson Companies announces Woodland Park joint venture
SICKLERVILLE, NJ — Katz Properties of New York has acquired Glouces- ter Town Center in Sickler- ville, NJ for $10,350,000. The 107,220 s/f supermarket an- chored shopping center, built in 2003, is situated on 21.54 acres located at 509-543 Berlin Cross Keys Rd. in Sicklerville, NJ, part of the greater Phila- delphia metro area. Gloucester Town Center is anchored by a 57,560 s/f Acme supermarket and features a new 9,700 s/f Dollar Tree as well as Columbia Bank and STS Tire, both in free-stand- ing buildings on the property. Other tenants include Hall- mark, Slim Chicks Fitness, Marco’s Pizza, Brite Cleaners, Nail Tech and Post Net. Eric Wolf , managing direc- tor of acquisitions for Katz Properties, said “We’re pleased
great opportunity in a growing residential market just outside of Philadelphia. We remain committed to expanding our presence in this region.” Katz Properties is a real estate acquisition and de- velopment company with of- fices in Boston, Connecticut, New York, Philadelphia, and Virginia that focuses on the acquisition, operation and re- positioning of retail shopping centers on the East Coast. Mortgage financing for Gloucester Town Center was arranged by Tim Breda of Goedecke & Co . Brad Na- thanson , executive vice presi- dent of CBRE Philadelphia represented both the buyer and seller in the transaction. Leasing and property man- agement services will be pro- vided by Winslow Property Management . n
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Unison Realty Ptrs. acquires 145,000 s/f shopping center
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Gloucester Town Center
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to have added this shopping center to our growing portfo- lio in the metro Philadelphia market. We plan to improve the physical condition of the property and will actively seek
new tenants to complement the current mix of solid retail- ers operating in the center.” Daniel Katz , a principal of Katz Properties said, “This shopping center represents a
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