Lancaster PA Commercial Real Estate

• 19Dec

  Sheetz opening in Ephrata, PA – Joining urgent medical and urgent dental

  Retail No Comments

   

   

   

  CPBJ reports:  A Sheetz will open Thursday in Ephrata Township, the first of three businesses that will hire a total of about 95 people, company spokespeople said.
  The gas and convenience store at routes 322 and 222 has 550 square feet of space, with seating for about 20 people, said Monica Jones, a spokeswoman for Altoona-based Sheetz Inc.
  
  The building’s cost was between $2 million and $3 million, she said. Most of the construction and design was completed by internal teams, but Leacock Township-based contractor Scenic Ridge Construction was involved with the project, she said.
  
  Between 35 and 40 people are hired for that size store, which will open at 9 a.m. on Thursday, Jones said.
  
  In the spring, Lancaster General Health will open an Urgent Care center in a 5,000-square-foot space at the same plaza, spokesman John Lines said.

  Sheetz opening in Ephrata; two other businesses coming soon – Central Penn Business Journal.

  
• 05Oct

  Big box developer hits the Target in Lancaster, Pa

  Retail No Comments
  CPBJ Reports:  Target Corp. on Wednesday will open a new location, in the Shoppes at Kissel Village in Warwick Township, Lancaster County.

  The 133,500-square-foot department store, which occupies one of the last retail spaces available in the development, will have a grand opening Sunday, according to retail developer R.J. Waters & Assoc. Inc. in Chester County.
  
  The Minneapolis-based company became interested in the site in 2004 after researching demographics from its East Lampeter Township location on Route 30/Lincoln Highway, said Kevin A. Lahn, vice president for the development company.
  
  Rezoning, conditional-use approval and land development approval were required for Target to build on the site, Lahn said. Target purchased transferrable development rights to preserve farmland in another part of the county as part of the project, he said.

  Target opens second location in Lancaster County

   

  
• 03Oct

  Retail Center in Hershey, PA acquired by Tanger

  Retail No Comments
  CPBJ report:  Controlling ownership of The Outlets at Hershey was acquired Friday by Greensboro, N.C.-based Tanger Factory Outlet Centers Inc., which will rename the site Tanger Outlets Hershey, according to leasing and management firm LMS Commercial Real Estate.

  Lancaster County-based LMS represented Derry Township-based The Outlets at Hershey in negotiating the transaction, according to a news release.
  
  Terms of the deal were not disclosed by LMS. Tanger also has a factory outlet center in Lancaster County.
  
  Ownership group FSH Associates LP acquired The Outlets at Hershey in 1998, and LMS came on board at the time as its leasing and management firm, said Blaze Cambruzzi, chief operating officer for LMS.
  
  The ownership entity remains intact and still formally owns the outlet center, with Tanger now holding the controlling ownership interest, Cambruzzi said.

  Midtown Harrisburg projects closer to reality – Central Penn Business Journal.

  
• 21Sep

  Reading, Pa Kenhorst Plaza Sells for $16.2M

  Retail No Comments

  CoStar reports: Katz Properties LLC acquired Kenhorst Plaza from Spectrum Partners LLC for $16.15 million, or approximately $107 per square foot.

  The deal totals 151,150 square feet at 1895 New Holland Rd. and the outparcels – a Dairy Queen, Blue Ball Bank and Sears. The center is located at the corners of Kenhorst Plaza, New Holland and Philadelphia Avenues, and was 89 percent occupied at the time of sale.

  via Kenhorst Plaza Sells for $16.2M – CoStar Group.

  
• 11Jul

  Lancaster’s Red Rose Commons shopping center refinanced

  Investment, Retail No Comments

   

   

   

   

   

   

   

   

  CPBJ reports:

  The Pennsylvania Real Estate Investment Trust has refinanced its mortgage on the Red Rose Commons shopping center in Manheim Township near Lancaster.

  PREIT owns a 50 percent interest in Red Rose Commons and The Court at Oxford Valley in Langhorne. PREIT and its partner refinanced the mortgages on both properties with 10-year nonrecourse loans with an average fixed interest rate of 5.42 percent, PREIT said in a statement Monday.
  
  The loans totaled $90 million. PREIT and its partners used a portion to pay off previous mortgages totaling $56 million, with an average interest rate of 7.16 percent.
  
  PREIT also modified the credit facility it obtained in 2010, extending it by one year and reducing the interest rate by 0.9 percent. PREIT increased the revolving portion of the facility by $100 million to $250 million and reduced the term loan portion by $100 million to $240 million.
  
  Red Rose Commons is the third largest shopping center in Lancaster County. Shares of Philadelphia-based PREIT trade on the New York Stock Exchange under the ticker symbol PEI.

  from Central Penn Business Journal.

  
• 16Jun

  Gold’s Gym Inks 28,400-SF Deal in Harrisburg, PA

  Retail No Comments

  CoStar reports:  Gold’s Gym, a national fitness center, signed a lease deal to open a new, 28,400-square-foot location in Oakhurst Plaza this year.

  Located at 4400-4500 Oakhurst Blvd. in Harrisburg, PA,aHhH the one-story retail center totals 111,869 square feet with almost 420 parking spaces. It was built in 1980 and renovated in 2001. Other tenants include Giant Food and CVS pharmacy.

  Gold’s Gym originated in Venice Beach, CA 45 years ago, and has grown to more than 600 locations around the globe.

  Gold’s Gym Inks 28,400-SF Deal in Harrisburg – CoStar Group.

  
• 06Jun

  General Growth Forming New REIT

  Investment, Net Lease, Retail No Comments

  NREI reports:  Chicago-based General Growth Properties (GGP), once considered one of the dominant owners of regional malls in the country, is now aiming to form a new real estate investment trust (REIT) with 35 properties it owns, according to a new report from Reuters. Such a move would trim GGP’s holdings exclusively to regional malls.

  The report, citing two unnamed sources, notes that the new REIT would include neighborhood strip shopping centers, office properties and weaker regional malls that the company had planned to sell or return to lenders, the sources said.

  Report: General Growth Forming New REIT.

  
• 31May

  Philadelphia’s Retail Sector – Steady/Good 1st Qtr

  Retail No Comments

  CoStar reports:  The Philadelphia retail market did not experience much change in market conditions in the first quarter 2011.

  The vacancy rate went from 6.6% in the previous quarter to 6.5% in the current quarter. Net absorption was positive 859,456 square feet, and vacant sublease space increased by 553 square feet.

  Tenants moving into large blocks of space in 2011 include: Weis Markets moving into 45,000 square feet at 2150 White St; Big Lots moving into 33,170 square feet at Cherry Hill Shopping Center; and Ross moving into 23,774 square feet at Eagle Plaza.

  Quoted rental rates decreased from fourth quarter 2010 levels, ending at $14.15 per square foot per year.

  Market Trend: Philadelphia’s Retail Vacancy Decreases to 6.5% – CoStar Group.

  
• 27May

  Lemoyne Sleeper to close mattress factory and stores

  Industrial, Retail No Comments

  Penn Live Reports:  After struggling for months, Lemoyne Sleeper owner Andy Pearlman made the decision to close the mattress company his father started in 1964. Hit hard by the downturn in the economy and a housing market that has been depressed since the end of 2007, Pearlman saw the situation for what it was: bleak.

  “I didn’t want to wait until they came after me,” Pearlman said of his creditors. “The decision had to be made. It was a very difficult one. We would rather do it our way with integrity: take care of employees and our customers.”

  Although Pearlman has no set date in mind for the closing, the factory where the mattresses are made will be shuttered first. The three company-owned stores in Lemoyne, Lebanon and Lancaster will follow as soon as inventory is sold off.

  In all, about 45 people will lose their jobs once the company closes its factory and its stores.

  Pearlman said that he is not sure what will happen to the Lemoyne Sleeper stores in Carlisle, York, Hanover, Chambersburg and State College. Those stores are franchises. Those franchise stores will have to find another mattress supplier, he said.

  Scott Burkholder, the owner of Lemoyne Sleeper stores in Hanover and York, said his stores will remain open, and he will search for a new mattress vendor.

  Lemoyne Sleeper to close mattress factory after struggling through economic downturn | PennLive.com.

  
• 25May

  Partial Morgan Stanley Buy Puts $1.25B Value King of Prussia Mall

  Investment, Retail No Comments
  CoStar reports: Lend Lease Group agreed to sell its interest in the King of Prussia Shopping Mall to the Morgan Stanley Prime Property Fund at a gross valuation of $1.25 billion.

  Lend Lease has a 50% interest in the asset and will receive net proceeds of about $545 million after taking into account the asset level debt. The value of Lend Lease’s 50% interest in King of Prussia just a year ago was $348.5 million, according to company valuations.

  Lend Lease expects to book a profit of about $100 million on the sale, net of tax and other costs.

  Lend Lease will use the proceeds to fund its investment pipeline in the U.S. and to repay debt, the company said.

  The transaction is subject to customary closing conditions, which is expected to occur in August 2011.

  At 2.39 million square feet, King of Prussia Mall is the largest enclosed retail shopping mall on the East Coast with eight department stores, 350 specialty shops and 35 restaurants. It is in northwest of Philadelphia.

  Lend Lease acquired its interest in 1996. The joint owner is Kingmak Associates, a group of former and present Kravco Co. executives.

  Partial Morgan Stanley Buy Puts $1.25B Value on Largest Mall on the East Coast – CoStar Group.

  

« Previous Entries