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 …
Altoona, Pa. — Axiom Realty has acquired Orchard Plaza, an 82,438-square-foot shopping center located in Altoona. MSC Retail represented the seller, Phillips Edison, in the sales transaction. Orchard Plaza is anchored by Big Lots Inc., and includes other tenants such as The American Red Cross, CosmoProf and The Salon Professional Academy. Built in 1986, Orchard Plaza is located just off Interstate 99.
Philadelphia — Finmarc Management Inc. and KPR have sold Red Lion Plaza, a 240,000-square-foot center located in Philadelphia, for $56.5 million. Jim Galbally, Chris Munley and Colin Behr of JLL represented Finmarc in the transaction. The buyers were not disclosed. Built in 1962, Red Lion Plaza was 97 percent leased at the time of the sale to tenants including Burlington, Pep Boys Auto, Planet Fitness, Ross Dress for Less and the Independent Physicians Medical Center. An undisclosed national grocery store is set to open within a 46,000-square-foot space at the …
Pottsville, Pa. — Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville. The center was 90 percent leased at the time of sale to tenants such as Giant Food, Planet Fitness, Ollie’s, Staples and Dollar General. The buyer and sales price were not disclosed. Jonathan Abda and Andrew Ebrani of Namdar represented the firm on an internal basis in the transaction. Cale Powers of Trinity RE Investment Services brokered the deal.
Selinsgrove, Penn. — JLL Capital Markets has arranged the $44.8 million sale of Monroe Marketplace, a 372,794-square-foot, grocery-anchored shopping center located in the central Pennsylvania community of Selinsgrove. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the seller, an undisclosed institutional investor, in the disposition of the property to Acadia Realty Trust. Tenants at Monroe Marketplace include GIANT Food Stores, T.J. Maxx, Dick’s Sporting Goods, Kohl’s, Ross, Old Navy, PetSmart, Buffalo Wild Wings, Longhorn Steakhouse, Michael’s, Sally Beauty and Ulta Beauty. The center is also shadow-anchored by Target.
Souderton, Pa. — Select Properties Inc. has begun construction on Towne Gate Commons, a $40 million mixed-use project in Souderton, about 40 miles north of Philadelphia. Located at the site of the former Souderton Area High School, Towne Gate Commons will include 66 new three-bedroom townhomes with private balconies and two-car garages. The new residences will add to the 74 townhomes that were completed and leased in 2019 under the first phase of the project. Towne Gate Commons will also offer dining options, retail space, a public park with an …
Philadelphia — Paramount Realty Services has sold Northeast Tower Center, a 500,000-square-foot regional shopping center located at 4600 Roosevelt Blvd. in Philadelphia. Brad Nathanson of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction. The buyer was not disclosed. Constructed in 1996, Northeast Tower Center is anchored by Walmart and Home Depot and home to tenants including Old Navy, Ross, DD’s Discount, PetSmart, Pep Boys and Dollar Tree.
Philadelphia — JLL has negotiated the $114.2 million sale of a portfolio of five grocery-anchored retail centers in the Philadelphia area. The properties include Lionville Shopping Center in Lionville, located west of the city; Marketplace at Westtown in West Chester, another western suburb; Spring Towne Center in Sinking Spring on Philadelphia’s northwestern outskirts; Dreshertown Plaza in Dresher, located just inside the northern ring of Interstate 276; and Limerick Crossing in Limerick, another northwestern suburb. The grocery anchor for the first three properties in the portfolio is Giant Food Stores, while …