R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined —February 2023 — 9A
www.marej.com
The 203,907 s/f grocery-anchored shopping center is located at 111 Hulst Drive Larken Associates acquires Westfall Town Center in Matamoras, PA M ATAMORAS, PA — Larken Asso- ciates , a regional
executive vice president of Raider Realty , the in-house brokerage division of Larken Associates. “We look forward to continuing the repositioning and renovation program begun by the prior owner and holding the asset for appreciation and long-term cash flow.” David Iacobucci , chief in- vestment officer of Larken Associates added, “Finding success in today’s retail market requires an unmatched level of local market knowledge paired with deep expertise in leasing and property management. We take immense pride in our time- tested ability to identify and acquire retail properties that possess both strong in-place tenancy and long-term value creation opportunities. We look forward to continuing to add similar assets to our portfolio over the year to come.” MAREJ is a common occurrence for the KLNB Investment Sales Group and is a testament to the pro- fessionalism and unmatched knowledge of the team. “Marlboro Square has been a solid asset for ownership since we acquired it in 2017,” said Adam Steuer of Versa Real Estate , one of the sellers of the asset, “KLNB did an excellent job of marketing the center, vetting prospects, and making sure the deal got across the finish line. As an out of state operator, we relied on KLNB to bring the asset to fruition for the partnership.” With limited competition in the surrounding market, and only five other grocery stores in a five-mile radius, Marlboro Square serves as a central retail hub for the com- munity. Marlboro Square is in the county seat of Prince George’s County and 11 miles from Washington, D.C. The property is positioned along Crain Highway, and with di- rect access from Pennsylvania Avenue, the property enjoys nearly 100,000 VPD. MAREJ
leader in commercial and residential real estate build- ing, development and man- agement, announces it has ac- quired Westfall Town Center, a 203,907 s/f grocery-anchored shopping center located at 111 Hulst Dr. in Matamoras. Situated in Pike County along PA Rte. 6 just across the border from New Jersey and New York, Westfall Town Center is anchored by a brand- new 73,000 s/f ShopRite as well as a 25,000 s/f full-size TJ Maxx. Additionally, the shop- ping center boasts a diverse slate of complimentary retail tenants including Planet Fit- ness, Dollar Tree and a movie theater operated by Flagship Cinemas, a cinema company with theaters throughout UPPER MARLBORO, MD — KLNB , one of the Mid-At- lantic region’s largest privately held CRE brokerage firms, announced the $10.8 million 5715 Crain Hwy. in Upper Marlboro. The KLNB Retail Investment Sales Group of Vito Lupo, Chris Burnham, Andy Stape and Jake Fur- nary represented the seller, Marlboro Investors, LLC in the transaction of the 92,649 s/f shopping center. Renaud Consulting represented the purchaser. Anchored by a freestanding 37,981 s/f Weis supermarket, the 19-unit property is 100% leased with a strong mix of retail tenants that are well suited for the surrounding neighborhood demographics. These tenants include junior anchors Advanced Auto and Dollar Tree, and a variety of brands that encompass fitness, personal healthcare, food and beverage, and eyecare. In ad- dition, there is approximately 10,800 s/f of vacant land di- rectly adjacent to Weis provid- ing additional development
Westfall Town Center
and Walmart Superstore. “We are very excited about this recent off-market pur- chase in Pike County as it fits perfectly within our strategy to acquire well-located retail centers with value-add po- tential,” said Victor Kelly ,
Maine, Maryland, New Jersey, New York and Pennsylvania. A Wendy’s and Perkins Res- taurant are also situated on two outparcels at the center. Westfall Town Center’s strategic location is just a short drive from both New
Jersey and New York, plac- ing 106,394 people with an average household income of $95,663 within a 15-minute drive. The shopping center is also located along Matamo- ras’ retail corridor featuring a nearby Lowes, Home Depot
KLNB Retail Investment Sales Group secures $11M Washington, DC area shopping center sale
Marlboro Square
potential. Despite a lending environ- ment that continues to present challenges, and Weis’ relative- ly short remaining lease term, KLNB’s Retail Investment Sales Group secured seven first-round offers, leading to a competitive bidding environ- ment for the seller. “While grocery-anchored centers are an attractive asset
class, the short term nature of Weis made this sale par- ticularly challenging,” said KLNB’s Vito Lupo. “It takes a dedicated group of brokers to uncover the most qualified buyers and aggressive bids. Our firm understands the mar - ket, knows the submarket fun- damentals, and has unrivaled expertise in the dynamic retail sector. As a result, we analyze
each property we sell through both a leasing and sales lens, allowing us to position each listing in such a way that we can overcome property- specific hurdles and execute on complex transactions for our clients.” This is the second transac- tion KLNB has facilitated for ownership. Partnering with cli- ents on successive transactions
Made with FlippingBook - Online catalogs