NEW CUMBERLAND, PA—The Fairview Plaza shopping center here has been sold by Cedar Realty Trust of Port Washington, NY to Cincinnati, OH-headquartered Phillips Edison-ARC Shopping Center REIT Inc. for $12.45 million.
The sale was announced by CBRE. Brad Nathanson, executive vice president with CBRE, represented the seller in the transaction that calculated out to $172.97 per square foot for the 71,979-square-foot shopping center anchored by Giant Food Stores. The grocer currently occupies 59,237 square feet and has been the anchor tenant at Fairview Plaza since 1992.
The property at 120 Old York Road, constructed in 1992, was 100% leased at the time of sale, CBRE states, Other retail tenants at Fairview Plaza include PA Wine & Spirits, Fulton Bank, Holiday Hair and Subway.
Nathanson says of the sales deal, “This property attracted regional and national buyers and was heavily bid because of its high historical occupancy with no tenant turnover since 2005. Having a well-established tenant like Giant Food Stores, who is performing well above their industry average, occupy over 82% of the GLA made the property especially attractive, which allowed us to seek premium pricing for the seller.”