ALTOONA, PA-The locally based developer of Chestnut Avenue Plaza has put the 98,243-sf retail center at E. Chestnut Avenue and First Street up for sale. The asking price is $24.5 million, which represents $249 per sf.

The property was completed this year and is currently 85% leased. The seller, identified as Chestnut Avenue LP, generally builds single-tenant retail and sells the properties he develops on an annual basis, according to Tom Gorman a senior associate in the Philadelphia office of Marcus & Millichap. He and Matt Gorman, an associate in the same office, are marketing the asset. “The developer doesn’t want the management responsibilities,” Tom Gorman tells GlobeSt.com.

A 62,000-sf Martin’s grocery store, which is operated by Giant of Carlisle, anchors the center, and Gorman says its lease rate is “a little below $20 per sf.” In-line tenants include Starbucks, Little Caesar’s Pizza, Snap Fitness and a Pennsylvania State Liquor store.

Negotiations are under way for ground leases on two remaining pad sites, Gorman says. Those rents range between $60,000 and $80,000 a year. Just 7,200 sf of in-line space remains available, and Gorman says the asking rent rate is approximately $16 per sf. The Gormans are marketing the asset nationally.

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