Harrisburg, PA — The Kislak Company, Inc. announced the recent sale of Uptown Plaza, a 156,066 s/f shopping center with two pad sites at 2915 7th St. in Harrisburg, Dauphin County, for $4.6 million.
Kislak marketed the property on an exclusive basis with president Robert Holland handling the assignment on behalf of the longtime owner, Town Associates, LP. Executive vice president Barry Waisbrod procured the purchaser, America’s Realty, LLC, which is led by its president and CEO Carl Verstandig.
Waisbrod said, “The purchaser is a retail acquisition firm focusing on markets with a predominantly middle-income demographic and properties with value-add potential. They currently own in 29 states throughout the U.S. and this was a suitable acquisition for them given their investment criteria.”
Situated on 14 acres, Uptown Plaza is a 156,066 s/f shopping center with a freestanding McDonald’s and additional pad site in a quiet, residential neighborhood in the northern part of Harrisburg. It is the only shopping center in the immediate vicinity.
Consisting of two long strips of stores and two pad sites, the building structure is composed of one-story brick and block construction with glass and metal facades. Of the 30 stores in the center, many are national retailers such as H&R Block, Metro PCS, McDonald’s and Save-a-Lot with long-term tenancy at 60% occupancy at the time of sale. Repositioning and renting vacant space provide a valuable opportunity to increase revenues.
David S. Sellman, Esq., of Sellman Hoff, LLC was the attorney for Verstandig and his team at America’s Realty, LLC.
In other news, The Kislak Family Foundation has pledged an additional $2,125,000 to Monmouth University in support of the Kislak Real Estate Institute and the Bruce Springsteen Archives and Center for American Music.
Of the pledge, $1 million will continue to support a need-based Kislak Family Scholarship for undergraduates pursuing a business degree with a real estate concentration; $125,000 will continue to support the Kislak Real Estate Institute’s Academic Challenge, an annual intercollegiate real estate competition; and $1 million will support the construction of a new 30,000 s/f building on the University campus to house the Bruce Springsteen Archives and Center for American Music, related exhibition galleries, and a 230-seat, state-of-the-art theater.
"We are immensely grateful for the Kislak Family Foundation's generous pledge and continued confidence in our mission,” said Monmouth University president Patrick Leahy. “This gift will bolster our mission to deliver an exceptional education to students today, while also providing foundational support for the future of the Bruce Springsteen Archives and Center for American Music. The foundation’s support for both scholarship funding, and for preserving and sharing the diverse tapestry of American music, resonates deeply with our institutional values of excellence, access, and social mobility."
The Kislak family’s philanthropic support and connection to Monmouth University dates back to 2006, when a transformational gift helped establish the Kislak Real Estate Institute as a center of excellence in teaching and research within the Leon Hess Business School at the University. The Foundation and University established the first credit-bearing academic real estate program in New Jersey, which was one of 65 in the country at the time and is one of 100 such programs today.
The Foundation’s commitments honor the memory of the late Jay I. Kislak, an inspiring entrepreneur, real estate pioneer, and philanthropist. Kislak entered the family real estate business in 1945, making it his life’s work. After moving to Miami in the early 1950s, he established what would become one of the country’s largest privately held mortgage banks, originating and servicing loans nationwide for more than 40 years. Until his death in 2018 at age 96, Kislak served as chairman of the Kislak Organization, which today focuses on real estate investments and brokerage.