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ALLENTOWN, PA-Hillsborough, NJ-based Larken Associates has acquired the retail complex at 1302 Hanover Ave. at the intersection of North Maxwell Street. It plans to redevelop the property into Allentown Shopping Plaza, a five-building, 71,873-sf, pedestrian-friendly neighborhood shopping center.

According to Lehigh County public records, the new owner paid $3.9 million for the property, which is located on a 6.5-acre site. Victor Kelly, Larken’s EVP, declined to say how much the company plans to invest. Approvals have been obtained, and site work will begin this spring.

Plans call for some demolition and construction of four new freestanding buildings, one of which will include drive-through space for potential use by a bank branch. The largest existing building will remain and be reconfigured. An existing Family Dollar store, which has a long-term lease, will remain. Targeted new tenants include restaurants, a dry cleaner and medical offices. “We are also considering the addition of a day care center,” Kelly says.

Melanie Stocker in the local office of Conshohocken-based Legend Properties represented Larken in the sales transaction. James Balliet in the same office represented the seller, identified as Allentown Shopping Plaza Inc.

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