Vastgood Properties LLC, in a joint venture with an affiliate fund managed by Prudential Real Estate Investors, has acquired seven grocery-anchored shopping centers located across central and eastern Pennsylvania for approximately $104 million, or about $185 per square foot, from affiliates of Cedar Realty Trust Partnership, LP and Homburg Holdings (US), Inc.
The retail portfolio represents an aggregate of nearly 561,000 square feet of retail space
in central and eastern Pennsylvania. Six of the properties are anchored by Giant Food Stores LLC, with the seventh anchored by a Nell's Supermarket. The properties reflect a more than 95-percent occupancy at time of sale, with the supermarkets representing roughly 80 percent of total GLA with average remaining lease terms of more than 10 years.
The portfolio includes:
Aston Center - 60,000 SF at 239 Concord Rd. in Aston, PA
Ayr Town Center - 55,600 SF at 360 S. 2nd St. in McConnellsburg, PA
Parkway Plaza - 120,000 SF at 235 - 295 Cumberland Poky in Mechanicsburg, PA
Pennsburg Commons - 66,000 SF at 310 E. Penn Dr. in Enola, PA
Scott Town Center - 68,000 SF at 1000 Scott Town Plaza in Bloomsburg, PA
Spring Meadow Shopping Center - 70,000 SF at 2104 Van Reed Rd. in Wyomissing
Stonehenge Square - 89,000 SF at 950 Walnut Bottom Rd. in Carlisle, PA.
Vastgood, through wholly-owned affiliates, will provide management services to the joint venture. The private real estate company is owned by Leo Ullman, founder and former chairman and CEO of Cedar Shopping Centers (now Cedar Realty Trust). PREI is a global real estate investment and management business headquartered in Madison, NJ. Its portfolio of managed investments totals approximately $50 billion in gross real estate assets on behalf of 490 clients worldwide.
Brad Nathanson, first vice president in Marcus & Millichap’s Philadelphia office assisted the parties in arranging the newly-formed joint venture.
Please see CoStar COMPS #2576475 for additional information on this transaction.
Editor's Note: The address for Scott Town Center was incorrectly reported in the original article. The 68,000-square-foot shopping center is located in Bloomsburg, PA.