Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of York Marketplace, a 304,974-square-foot grocery-anchored retail shopping center in York, Pennsylvania.
“The property is a best-of-class asset within one mile of the crossroads of Interstate 83 and Route 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-square-foot Giant Food Stores grocery store and co-anchored by a 125,353-square-foot Lowe’s Home Improvement and a 12,500-square-foot 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,” noted Helpern. “Ultimately, we closed on a 10-year, full-term interest-only option with significantly better pricing and terms than what we had seen pre-COVID-19.”
A representative from Triple BAR Group commented: “Together with our strategic partners, J.C. BAR Properties, and Triple Crown Corporation, we are excited announce the addition of York Marketplace to our strong asset portfolio. The center will fit perfectly in line with our vision for best-in-class grocery-anchored shopping centers in the Mid-Atlantic region. Management of the Center will be handled by J.C. BAR Properties, which has its corporate headquarters in York, Pennsylvania. This acquisition adds to the over 3 million square feet of grocery-anchored retail managed by J.C. BAR.” Sean Beuche, license no. RM424190 is Marcus & Millichap’s broker of record in Pennsylvania.
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.
