Three Harrisburg-Area Shopping Centers Fetch $40M

HARRISBURG, PA-Atlanta-based Ronus Properties sells 438,500-sf ColonialCommons here for $28 million, or $63.85 per sf, to an affiliate of Mt. Laurel, NJ-based Freedman & Co. The ongoing shift in shopping center ownership continues in a separate transaction in which Port Washington, NY-based Cedar Income Fund adds to its increasingly large Pennsylvania portfolio by acquiring two neighborhood enters in nearby Halifax and Newport.

Wormleysburg, PA-based Caldwell Development Corp. sells 67,000-sf NewportPlaza and 54,000-sf Halifax Plaza in those respective towns for an aggregate$12.3 million, or $101.65 per sf. A Giant supermarket anchors both centers, and other tenants at both include McDonald’s, Rite Aid, and Pennsylvania State Liquor Control Board stores. Both also have a regional bank branch.

Caldwell was represented by Washington, DC-based Cassidy & Pinkard. John Fasciano and Eric Knopping of Conshohocken, PA-based Fameco Real Estate represented Cedar in the transaction. This acquisition is in addition toseven other shopping centers Cedar recently acquired in Pennsylvania.

John Kushner, a senior partner of Fameco, represented Freedman in its purchase of Colonial Commons. Kushner says the majority of the tenants at the center are at the midpoint of long-term leases.