(For more retail coverage, click GlobeSt.com/RETAIL.)
EASTON, PA-In heavy bidding, Bethlehem-based RB Associates sells the 100,000-sf Palmer Super Center to Palmer/William Penn LLC, an affiliate of Morristown, NJ-based Lamar Cos., for $11.3 million. The center is 100% leased and anchored by a 69,000-sf Redner's supermarket under a long-term commitment.
The Palmer Twp. Center property, located at 3745 Nicholas St., was developed in 1963, and completely renovated with the addition of Redner's in 2001. Keith Broemmer, executive vice president and partner of New York City-based Broad Street Advisors, marketed the property for the seller, procured the buyer and represented both parties in the transaction.
"We had more than 10 offers from national and regional firms," Broemmer tells GlobeSt.com. "This Lehigh Valley location is the fastest growing region in the state and RB had done a tremendous job of repositioning and renovating the property and bringing in a strong regional grocer."
Lamar's $113-per-sf bid rose to the top, Broemmer says, "not only because of their competitive pricing and timing, but also because of their familiarity with the center and the submarket." Lamar, which owns numerous retail assets in more than a half dozen states, also owns the 230,296-sf Tilghman Square in nearby Allentown and the 198,243-sf Kennywood Shops in West Mifflin, PA.
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