MECHANICSBURG, PA-Legg Mason Real Estate Service sold Silver Spring Commons, a 253,000-sf regional shopping center on 53.2 acres at the junction of Carlisle Pike (Route 11) and Route 114 here to THF Realty, which is based in St. Louis. THF pays $26.5 million, or about $104.74 per sf.
The center is 99% leased to 16 tenants and two subtenants, according to James P. Vesey, senior director of Cushman & Wakefield's capital markets group. It is anchored by an 111,525-sf Lowe's Home Improvement Center, which has a lease that extends until 2013, and shadow-anchored by a Wal-Mart Supercenter. Among the additional national tenants in the center are Marshall's, Value City Furniture, AC Moore, Olive Garden, DOTs, Sally Beauty Supply, Taco Bell and Payless Shoe Source.
The property was built in 1992, and Vesey says it's the dominant community center here "due to its irreplaceable location, anchor tenant draw and tenant mix." Vesey, who is based in C&W's Philadelphia office, represented Legg Mason and secured the buyer.
"THF has built a portfolio of shopping centers with a high concentration of Wal-Mart anchors," he says. "Silver Spring will be a great addition to their portfolio." THF currently manages 70 properties aggregating about 15 million sf in 20 states. The majority are regional shopping centers, in addition to some office properties, and they are concentrated primarily in Pennsylvania, Missouri, Illinois and West Virginia.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.