Pennsylvania Shopping Center Trades for $90M
Cedar Realty Trust has sold the 430,198-SF, grocery-anchored shopping center to GSD CampHill Pradsavi Group LLC.
CAMP HILL, PA – Cedar Realty Trust has sold the 430,198-square-foot, Camp Hill Shopping Center in Camp Hill, PA to GSD CampHill Pradsavi Group LLC for $90 million.
The 96% occupied grocery-anchored shopping center is anchored by Giant Food Markets and occupied by additional tenants including Boscov’s Department Store, Staples, Five Below, Barnes & Noble and LA Fitness.
Located West of Harrisburg, PA in the hub of Rte. 15 and Rte. 11, the former enclosed mall was redeveloped by Cedar Realty Trust in 2005.
Cedar Realty Trust will maintain property management responsibilities of the asset.
Brad Nathanson, senior managing director at Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and secured the buyer for the transaction. Marcus & Millichap Capital Corp. arranged the debt on behalf of the buyer.
“Camp Hill Shopping Center is one of the many outstanding grocery-anchored shopping centers within the Cedar Realty Trust portfolio,” says Nathanson.
“There is tremendous demand for dominant grocery-anchored shopping centers nationally, given the rebound in the markets post-COVID and the attractive debt markets,” says Nathanson. “In fact, demand is outpacing the supply of first-class, high-performing assets like Camp Hill Shopping Center.”