18A — February 10 - 23, 2017 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania
Andy Stape and Vito Lupo of KLNB Retail represent the seller and procure the buyer KLNB retail investment sales group brokers $17m sale of newberry commons near harrisburg E
by Darrenkamp’s Market, a regional grocer with four loca- tions, and Rite Aid operational headquarters. These anchors are complimented by a variety of national, regional, and lo- cal tenants well suited to the community. Newberry Com- mons is positioned directly off Interstate 83, the primary north-south commuter highway connecting Baltimore, MDwith Harrisburg, PA, and the cen- ter has direct visibility to the nearly 62,000 vehicles passing the site on a daily basis. The center was the recipi- ent of an extensive $2 million renovation package in 2014
which focused primarily on the improvement of the gro- cery store space. The program included the installation of a covered entrance and extended to upgrades of the HVAC sys- tem and parking lot, as well as new exterior lighting. Approximately 130,000 s/f of the project is leased and oc- cupied by Rite Aid Pharmacy, which maintains an operations center at Newberry Commons and has a long-term lease. The national retailer maintains two headquarter locations in Pennsylvania, including one in Camp Hill which is approxi- mately nine miles from the site. More than 700 Rite Aid employees work at Newberry Commons to manage divisions including information technol- ogy, human resources, payroll, and computer systems testing. “Newberry Commons has an extremely strong and stable group of tenants, led by the dominant area grocery store, Darrenkamp’s Market, and Rite Aid, both with long term leases,” said Lupo. “The daily presence of approximately 700 employees 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 strategi- cally-located asset with stable anchors and upside potential in leasing the current vacancy which will provide long-term value.” n NAI CIR announces 2017 transactions PENNSYLVANIA — NAI CIR announced the following real estate transactions: Long Range Realty has purchased 8.2 acres of retail land located at 400 Suedberg Rd. in Pine Grove, PA. Nik Sgagias of NAI CIR repre- sented the seller, Charles Miller, executor of the estate of Emma Miller. Mazzitti & Sullivan EAP Services has leased 3,465 s/f of office space located at 479 Port View Dr. in Harrisburg. The Bill Gladstone Group of NAI CIR handled the transaction. Niko Kranias of NAI CIR represented Piero Passalaqua of Original Pizza of New Cum- berland in the acquisition of the 3,050 s/f retail building located at 118 Old York Rd., New Cumberland, PA. 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 community retail center located in Etters, near Harrisburg for $17 mil- lion. Andy Stape and Vito Lupo of KLNB Retail repre- sented the seller, Newberry Commons, LLC and also pro- cured the buyer, Vastgood Properties in this transaction. Located at 10 Newberry Com- mons, the asset was 95% leased at the time of the sale. The center, constructed in 1987, is presently anchored
Newberry Commons
Since 1988
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