ALTOONA, PA-If there are any doubts that the retail real estate sector has heated up, then the recent sale of a power center here near the dead center of Pennsylvania should quench those reserves. Logan Town Centre, a 715,819-square-foot asset, recently traded for $101.5 million, at a 6.8% capitalization rate, figures that are usually reserved for class A centers around major metro areas.

“While it’s located in Altoona, it draws easily from a 20-mile radius,” Jim Koury, a senior managing director at HFF, who brokered the deal for Yonkers-based seller AVR Realty, tells “To me Altoona is a misnomer. It speaks more loudly to the stability of the area.”

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