Loyal Plaza, 1915-1965 East 3rd Street, Williamsport, PA
WILLIAMSPORT, PA—Loyal Plaza, a 293,607-square-foot, value-add shopping center anchored by GIANT Food Stores and Kmart in the northern Pennsylvania community of Williamsport, PA, has been sold to New York-based PAG Investments.
A Holliday Fenoglio Fowler team led by managing director Chris Munley and director Michael DiCosimo marketed the property on behalf of the seller, which was identified as Blackstone Equity Fund by Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions.
“In addition to a high-performing grocery anchor and value-add opportunities through re-tenanting, Loyal Plaza is positioned on strong fundamental real estate,” Munley says. “The sale was a highly competitive process with a good depth of regional and national buyers.”
Blackstone acquired the property in May 2016 from RioCan REIT for $22.6 million, according to Real Capital Analytics. Financial terms of the current transaction were not disclosed.
HFF's debt placement team led by managing director Michael Klein and director Neil Campbell worked on behalf of the new owner to secure a floating-rate acquisition loan.
“We were able to secure a short-term loan that enabled PAG to acquire Loyal Plaza and provide them with the necessary time and funds that will be required to unlock the value of this shopping center,” Klein says.
Anchored by GIANT and Kmart, the 94.1%-leased Loyal Plaza is also home to Dollar Tree, Verizon Wireless, Staples, Great Clips, BB&T Bank, Rite Aid and Red Lobster, among others. Situated at 1915-1965 East 3rd Street, Loyal Plaza is visible to more than 23,000 vehicles per day. The center is in Williamsport, the primary economic center of Lycoming County, and is less than one mile off Interstate 180, which provides easy access to Interstate 80.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
