Harrisburg, Pa. — First National Realty Partners has acquired Dauphin Plaza, a 216,000-square-foot, open-air shopping center in Harrisburg. Grocer Price Rite has served as the anchor tenant since 2006 and currently operates a 33,500-square-foot store. Other tenants include Big Lots, Ashley Furniture, Crunch Fitness, Dollar General, Waffle House, Subway, Weight Watchers and H&R Block. James Galbally, Chris Munley and Colin Behr of JLL represented the undisclosed seller in the transaction.
Collegeville, Pa. — JLL has arranged the $162 million sale of Providence Town Center, a 759,945-square-foot retail center located in the Philadelphia suburb of Collegeville. Regional grocer Wegmans has been the anchor store for Providence Town Center since the property was developed in 2009. Brandolini Cos. sold the center to a partnership between Finmarc Management Inc. and KPR Centers. The property is the fourth-most-visited open-air retail center in the state, according to the brokerage team that handled the sale. Nearly 65,000 vehicles drive by Providence Town Center via State Route …
Philadelphia — JLL has arranged a $260 million loan for the refinancing of East Market, a mixed-use project that spans an entire city block in Philadelphia’s Center City neighborhood. East Market consists of two apartment buildings totaling 562 units, 120,000 square feet of retail and restaurant space and a 100-year-old warehouse that has been redeveloped into creative office space. Chad Orcutt and Blaine Fleming of JLL arranged the loan through Pacific Life Insurance Co. on behalf of the borrower, a joint venture led by National Real Estate Advisors.
Cleveland — KeyBank Real Estate Capital (KBREC) has provided $51.6 million in acquisition financing to First National Realty Partners for three retail centers in Ohio, Oklahoma and Pennsylvania. Acquisitions include Southland Crossings, a 245,678-square-foot center in the eastern Ohio city of Boardman that is anchored by Giant Eagle, Michaels, Ross Dress for Less and PetSmart; Summit Square, a 166,552-square-foot property in Tulsa, Oklahoma, that is anchored by Reasor’s Foods, American Freight and Tuesday Morning; and The Village at Pittsburgh Mills, a 161,079-square-foot center in Tarentum, Pennsylvania, that is anchored by …
Warrington, Pa. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $22.5 million sale of Warrington Plaza, an 87,581-square-foot shopping center located in the Philadelphia suburb of Warrington. Brad Nathanson of IPA represented the seller, Valley Forge Investment Corp., and procured the buyer, Realty Resource Capital Corp. Warrington Plaza was fully occupied at the time of sale by tenants including a 35,000-square-foot Avalon Floor & Tile.
Rochester, Pa. — Marcus & Millichap has brokered the $12 million sale of Madison Square Shopping Center, a 184,082-square-foot retail property in Rochester, located northwest of Pittsburgh. Giant Eagle anchors the property, which was originally constructed in 1967 as a Kaufmann’s Department Store. John Reehil of Marcus & Millichap represented the seller, an undisclosed partnership, in the transaction.
Hazleton, Pa. — Legend Properties Inc. has arranged the sale of Church Hill Mall, a 168,000-square-foot retail property in Hazleton, located roughly midway between Scranton and Allentown. The property sits on 14 acres and was 92 percent leased at the time of sale to tenants such as Ollie’s Bargain Outlet, Family Dollar and Firestone. James Smith of Legend Properties brokered the deal. The new ownership, an entity doing business as 1065 Church Street Properties LLC, plans to invest about $2 million in capital improvements and rebrand the property as Church …
Harrisburg, Pa. — First National Realty Partners (FNRP) has acquired Summerdale Plaza, a 141,451-square-foot shopping center in Harrisburg. At the time of sale, the property was 85 percent leased to a tenant roster that includes Rite Aid, AutoZone, Dollar Tree and Tractor Supply. Brad Nathanson of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the transaction.
North Wales, Pa. — JLL Capital Markets has arranged the $55 million sale of Montgomery Mall, a 1.1-million-square-foot regional mall at 230 Montgomery Mall in the Philadelphia suburb of North Wales. David Monahan, Jim Galbally, Chris Munley, Cameron Pittman, Colin Behr and Akhil Patel of JLL represented the seller, a CMBS trust. Kohan Retail Investment Group acquired the property. Built in 1977 and last renovated in 2014, Montgomery Mall was 73 percent leased at the time of sale to tenants including Wegman’s, Macy’s, JCPenney, Dick’s Sporting Goods, H&M, Forever 21, …
Philadelphia — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $52 million sale of Penrose Plaza, a 258,494-square-foot shopping center in South Philadelphia. Anchored by ShopRite Supermarket, the property was 94 percent leased at the time of sale to tenants such as Planet Fitness, DD’s Discounts, Citi Trends, Fine Wine & Good Spirits and Chase Bank. Brad Nathanson of IPA represented the seller, a joint venture between Onyx Equities, Abrams Realty & Development and Siguler Guff & Co., in the deal. Nathanson also procured the …
