SINKING SPRING, PA-David Weaver has sold Sinking Spring Plaza to Plymouth Meeting-based Ginsberg Properties LLC for nearly $8 million. The 80,000-sf shopping center at 4880 Penn Ave. was built in 1982 and is currently 94% leased.

A 56,000-sf Shur-Fine Grocery now anchors the center. Weaver originally operated a Weaver’s Market there, which he sold to Shur-Fine, according to Brad Nathanson of the Philadelphia office of Marcus & Millichap. He and Eric Wolf of M&M’s national retail group represented both Weaver and Ginsberg in the transaction.

Wolf says this area of Berks County is slated for accelerated commercial and residential development, based on its abundance of undeveloped land and low cost of living. “Deals like this allow sellers to capitalize on an aggressive sale price and buyers to capitalize on upside through future development and strong rental growth.”

The sale includes a vacant, five-acre rear parcel. Don Ginsberg, head of Ginsberg Properties, tells, “We’re looking for a tenant for a ground lease on that parcel for development of a two-story office building.” He says he believes it can accommodate about 8,000 sf, and a tenant could either develop the property itself or Ginsberg would develop it. As for the remaining 4,500-sf in-line space in the shopping center, he says the asking rent rate is $14 per sf.

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