CAMP HILL, PA – (COMMERCIAL THREAD) – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Camp Hill Shopping Center, a 430,198 square foot shopping center located at 3301 Trindle Road in Camp Hill, Pennsylvania. The sale price is around $ 90 million.
âThe Camp Hill Mall is one of many exceptional malls with a grocery store within the Cedar Realty Trust portfolio,â said Brad Nathanson, Senior Managing Director of IPA. âCurrently 96% occupied, the building is anchored in one of the most successful giant food markets in the entire chain, operating over 92,939 square feet, making it one of the tenant’s largest locations.â Nathanson represented the seller, Cedar Realty Trust, and identified the buyer, GSD CampHill Pradsavi Group LLC. Marcus & Millichap Capital Corporation arranged the debt on behalf of the buyer.
âAnchor sales for Camp Hill are among the best within their respective chains, leading to historically high rental retention,â said Nathanson. “The Camp Hill Mall is arguably the best located and best-hosted mall in all of central Pennsylvania, led by the major food markets giant in terms of market share in their flagship store.” Other tenants include Boscov Department Store, Staples, Five Below, Barnes & Noble, and LA Fitness.
Camp Hill Shopping Center is located at the culmination of Route 15 and Route 11 on the western shores of Harrisburg in a high growth market where substantial industrial development over the past 10 years has made it one of the best corridors in the United States. . Formerly a closed shopping center, the center was redeveloped by Cedar Realty Trust in 2005.
âThere is huge demand for the dominant malls anchored in the grocery store nationwide, given the market rebound after COVID and attractive debt markets,â Nathanson concluded. âIn fact, demand is outstripping the supply of first-class, high-performing assets like the Camp Hill Mall. “Bruce Schanzer, CEO of Cedar Realty Trust, said:” We are very pleased with this transaction. Thanks to Brad Nathanson and his colleagues at IPA for their professionalism and dedication towards a satisfactory conclusion. Cedar will retain real estate management of the asset. Sean Beuche, license no. RM424190, is the broker of record for Marcus & Millichap in Pennsylvania.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), one of the leading commercial real estate services companies in North America. IPA’s combination of real estate investment and capital markets expertise, leading edge technology and recognized research provides customized solutions for the acquisition, disposal and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
About Marcus & Millichap (NYSE: MMI)
With more than 2,000 investment sales and finance professionals across the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, finance, research and services. -advice. Founded in 1971, the company closed 8,954 deals in 2020 worth approximately $ 43 billion. Marcus & Millichap has developed a powerful property marketing system that combines investment specialization, local market expertise, the industry’s most comprehensive research, cutting-edge technology and relationships with the largest pool of investors. qualified. For more information, please visit: www.MarcusMillichap.com.