Nathanson, Helpern & Marks of IPA brokers 304,974 s/f grocery-anchored shopping center
YORK, PA — Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of York Marketplace, a 304,974 s/f grocery-anchored retail shopping center in York.
“The property is a best-of-class asset within one mile of the crossroads of I-83 and Rte. 30, one of the busiest intersections in Central Pennsylvania,” said Brad Nathanson, IPA senior managing director. “At the time of the sale, the center was 98% occupied with a strong lineup of essential-use tenants, anchored by a 74,541 s/f Giant Food Stores grocery store and co-anchored by a 125,353 s/f Lowe’s Home Improvement and a 12,500 s/f Premium Fine Wine & Good Spirits.” Nathanson represented the seller, and identified the buyer, Triple BAR Group. Manhattan-based Michael Helpern and Chris Marks of IPA Capital Markets, a division of Marcus & Millichap Capital Corp., arranged the debt on behalf of the buyer.
“Within the spectrum of how retailers have transitioned their operations during the pandemic, the strong tenancy and positioning of York Marketplace provided some of the best metrics investors have seen between collections, tenant retention, and performance,” Nathanson added. “With 57% of the income coming from essential anchors with strong above average sales, York Marketplace was nationally recognized as a highly desirable retail investment. At a time when very few shopping centers are on the market, the execution of this transaction was material to the health of the valuation of shopping centers and a positive sign for private and institutional investors, including publicly traded REITS.”
“Given the strong co-tenancy of Giant and Lowe’s, we had 14 lenders competing to finance the property,” said Helpern.