8C — December 9 - 22, 2016 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania
Heidenberg Props. Grp. and Strategic RE Ptrs. purchased the asset free & clear of existing debt HFF closes sale of fully-leased retail center in Lancaster County, Pennsylvania E
Markets, a leading regional grocery brand with headquar- ters in Reading, Pennsylvania. The center is also home to Ra- dioShack, WildWings &Pizza, Gehman Jewelers, Cecilia’s Beauty Salon and Tokyo Asian Cuisine. Situated on five acres at 385 Reading Road, the prop- erty is located on the primary north-south artery through the Ephrata submarket. Eph- rata is centrally located in Pennsylvania between six major employment hubs, in- cluding Lancaster, Reading, Harrisburg and Philadelphia. The HFF team representing
the seller was led by manag- ing director Chris Munley , associate director Michael DiCosimo and senior manag- ing director Jose Cruz . “Ephrata Commons has a performing grocery-anchor in Redner’s and is well-positioned real estate in the submarket,” Munley said. “The Central Pennsylvania area continues to get strong interest from the investment community due to its strategic regional location and access to employment.” n Markets advanced in the 3 rd Qtr. of 2016 as . . . earlier in the year. We feel market fundamentals remain favorable going into 2017 and expect continued strength- ening of the Marketplace to continue. Class A occupancy rates improved one percentage point to 94% as absorption saw impressive positive gains of 31,150 s/f healthy inventory levels continue to fuel demand and tenant expansions have added to these gains over the past two Quarters. We see a balance between supply and demand continuing through- out the remainder of the year and see no signs of a pullback going forward. Class B+ occupancy rates remained stable at 95% as absorption totaled 3,000 s/f Rental and occupancy rates should maintain their levels over the next several months. Over 26,000 s/f has been ab- sorbed over the past three Quarters and several expan- sions are in the works which should commence in early 2017 pushing occupancy rates higher next year. Class B occupancy rates remained at 94%. Absorption totaled 2,800 s/f developers made intelligent deals to en- tice new tenants and renego- tiate existing tenant leases early throughout much of the year although we have seen less pronounced demand from smaller users in recent weeks and will continue to monitor this impact on the market. Going forward we expect continued firming of rates, steady demand and further modest improvement in most segments of the Greater Har- risburg marketplace. Thomas T. Posavec, SIOR, is senior VP at Landmark Commercial Realty. n continued from page 5C
phrata, PA — Holli- day Fenoglio Fowler, L.P. (HFF) has closed the sale of Ephrata Com- mons, a 54,810 s/f, fully-leased, grocery-anchored retail center in the Lancaster County com- munity of Ephrata. HFF marketed the property on behalf of TriGate Capital, LLC. Heidenberg Proper- ties Group and its joint-ven- ture partner, Strategic Real Estate Partners , purchased the asset free and clear of ex- isting debt. Ephrata Commons is an- chored by Redner’s Warehouse
Ephrata Commons
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