GETTYSBURG, PA-As part of its ongoing repositioning strategy, Philadelphia-based AMC Delancey Group Inc. has sold Gettysburg Village Factory Stores to Horizon Group Properties Inc., which is based in Rosemont, IL. Neither company would disclose the price tag, but, on condition of anonymity, a broker familiar with the transaction tells it was in excess of $60 million.

The initial 260,000-sf outlet shopping center opened in October 2000. More recently, pads for a 7,000-sf TGI Friday’s and a 40,000-sf, nine-screen movie theater were added under ground leases, and approvals were obtained for a 200,000-sf expansion.

Gary Skoien, Horizon’s president and CEO, tells, “We absolutely intend to construct the expansion. We’re making sure the design in place is the right layout and will probably develop it in phases, beginning with approximately 50,000 sf. We’re looking at a 2008 opening.”

He estimates the full expansion will cost between $40 million and $50 million. The existing center is well over 90% leased, and has been consistently so from the beginning. Rent rates, Skoien says, “are in the low $20s per sf, triple net. We have real strong interest from three or four prospective tenants for the expanded space,” he adds and says they are outlet stores.

“This was an opportune time to sell Gettysburg Village because managing this type of asset is no longer core to our operating strategy,” says Ken Balin, president and CEO of AMC Delancey. The company has shifted from owner/operator to a provider of equity capital and resources to JV operating partners. One example is a senior living facility in Hershey with Traditions Development Corp. Balin tells, “We expect to have concluded our transition by May 1.”

Andrew Kleeman, the company’s VP of asset management, points to the $125-million renovation and expansion of Gettysburg National Military Park on the center’s doorstep. “The timing is perfect to pull the trigger on the village’s phase II expansion,” he says. “With the new federal visitors center under construction and several new full-service hotels, Gettysburg is rapidly evolving from a day-trip destination to a world-class historic vacation destination.”

In addition to the Gettysburg acquisition, Horizon is opening a 400,000-sf center in El Paso, TX this October. It also recently acquired outlet centers in Wisconsin, Indiana and Washington and has developments underway in Oklahoma City, Omaha and Laredo, TX.

Richard Frolick, EVP of CB Richard Ellis, represented AMC Delancey in the sales transaction. Horizon spoke for itself.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.