P ENNSYLVANIA
S HOPPING C ENTERS
Section C of the Mid Atlantic Real Estate Journal
The buyer is a joint venture between Heidenberg Props., Blumberg & Freilich Equities Brad Nathanson of Marcus & Millichap arranges $12m sale of Weis-anchored Mount Pocono Plaza
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OUNT POCONO, PA — Marcus & Millichap Real Es-
DICKSON CITY, PA — Commonwealth Connec- tions Academy, located at 529 Scranton Carbondale High- way announces the recent $1.3 million purchase of a 16,000 s/f former Petco building. It is located across from the View- mont Mall with surrounding retailers including Target, Best Buy, and Macy’s. The buyer and seller were repre- sented by Dave Nicholson, Joe Spagnola , and Travis Riley of LMS Commercial Real Estate. An office building located at 11-13 Carlisle Street, Ha- nover, PA has recently sold for $250,000. The 17,160 s/f three- story building is convenient- ly located just North of the square of Hanover. 30% of the building is already occupied by three tenants and the buyer will move into the remaining vacant space. The buyer was represented by Ryan Myers, CCIM , of LMS Commercial Real Estate and the seller was represented by Rock Commer- cial Real Estate. ■ “The sale was challeng- ing because both anchors have leases that expire in July 2015,” said Nathan- son. “However, sophisticated shopping center operators could see beyond the lease expirations and focus instead on the real estate’s location on Route 940 across from a Walmart Supercenter and a Lowe’s, as well as the below- market rents. We generated 12 offers within three weeks of going to market and the transaction closed smoothly once the contract was execut- ed between buyer and seller,” Nathanson adds. Mount Pocono Plaza is co- anchored by an 86,479 s/f Kmart and a 54,338 s/f Weis owner and developer Heiden- berg Properties and pri- vately owned diversified real estate investment partner- ship Blumberg & Freilich Equities .
tate Investment Services , the nation’s largest real estate investment services firm, has arranged the sale of Mount Pocono Plaza, a 207,455 s/f community center in Mount Pocono. The sales price of $12 million equates to $58psf. Brad Nathanson , a first vice president investments in the Philadelphia office of Mar- cus & Millichap, represented the seller, a Delaware-based private owner, and the buyer, a joint venture between retail
APRIL 12- 25, 2013
HI-LIGHTS Project of the Month GREEN TREE SCHOOL Germantown, PA
Mount Pocono Plaza tenants include RainbowAp- parel, Rent-A-Center, Payless
Markets that comprises 68 percent of the tenancy. Other
Shoe Source, Wells Fargo and McDonald’s. ■
Spagnola, Riley & Myers of LMS Commercial Real Estate completes $1.55 million in sales transactions
Project News Casaccio Yu Architects collaborates with Nason 16-IBC-C
529 Scranton Carbondale Highway
/DQFDVWHU2IÀFH 120 N. Pointe Boulevard Suite 301
13C 717.569.9373 • www .LMS-PMA. coM SPOTLIGHT Eastern, PA 5-8C “Creating value for our clients through experience” T enanT R epResenTaTion • Starbucks • Pier 1 Imports • PetValu • Shoe Carnival 2IÀFH0D[ • Qdoba • Amelia’s Millersville Commons Wabank & Millersville Road Millersville, PA 17551 Join Sheetz Approved Bank & 15,000 SF The Shoppes at LandisValley F eaTuRed p RojecTs • Haircuttery •Taco Bell • Fire Birds •The Fresh Market • Aaron’s Rent to Own • Denny’s • Meadows Frozen Custard • Giant • Majik Rent to Own • Sportsmans Liquidation • Outback %RQHÀVK • Carrabas • Chico’s •White House • Soma ALSO INSIDE 2012 A�����...................9-11C P����� �� ��� M��� .......... 12C CREW L����� V�����........... 14C www.marejournal.com 1611 Oregon Pike Oregon Pike (Route 272) Lancaster, PA 17601 Join Patient First 0HGLFDORIÀFHORFDWLRQ 30 Keller Avenue Keller Avenue & Lititz Pike Lancaster, PA 17601 11 Acres • New Development Oregon Pike & LandisValley Road Lancaster, PA 17601 • Patient First • Royal Farms • RubyTuesdays •Verizon 2,798 SF Parallel to Lancaster Amtrak Station Join Giant-to-Go & CVS/pharmacy
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