ALLENTOWN, PA — Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Dorneyville Shopping Center, a 101,651 s/f, grocery-anchored neighborhood shopping center in Allentown. The property sold for $17.8 million.
“Demand for grocery-anchored shopping centers remains high, and Dorneyville Shopping Center drew substantial national interest given its proximity to Dorney Amusement Park and locale in one of the fastest-growing submarkets for new housing, industrial development, and above-average income growth in the state, the Lehigh Valley,” said Brad Nathanson, IPA executive director. Nathanson and IPA senior director JP Colussi represented the seller, Joshi Hotel Group and procured the buyer, LS Property Investments. “The prominence of value-add grocery-anchored centers in dense, high-income submarkets, a relatively new lease with Aldi and value-add components with vacancy and additional pad development attracted a large audience of investors who hold these strong retail fundamentals in high regard,” said Colussi.