(For more retail coverage, click GlobeSt.com/RETAIL.)
CAMP HILL, PA-Joe Frio, a Springfield-based private investor, adds the 119,341-sf Harrisburg West Shopping Center to his portfolio, taking his total holdings to three area retail assets. The seller is New Hyde Park, NY-based Kimco Realty Corp.
The price is undisclosed. Over the past year, Central Pennsylvania retail assets have traded across a broad price spectrum in a range of from $70 per sf to $200 per sf, with the average at the $150-per-sf level. This property is approximately 30 years old and nearly 80% leased. On condition of anonymity, a broker familiar with the Harrisburg market tells GlobeSt.com the price was probably in the area of between $90 and $120 per sf, which would put the tag at from $10 million to $14 million.
The center is located at the intersection of Simpson Ferry Road and Zimmerman Street Anchors are Cinema Centers and Big Lots. Among the other tenants are Payless, Aaron's Rents, the PA Liquor Control Board and two restaurants. A 24,250-sf unit is vacant.
Paul Rumley, president of investment sales in the Marlton, NJ office of Metro Commercial Real Estate, and Kurt Rumley, an associate, represented Kimco. Kurt Rumley tells GlobeSt.com the average rental rate at the center is about $10 per sf.
Earlier this month, Kimco sold three centers in Massachusetts and New York State to Bryn Mawr-based WP Realty for $29.5 million, as reported in GlobeSt.com. Two weeks later, it bought a portfolio of 18 centers and a mixed-use asset from Crow Holdings for $920 million, the majority in joint venture with Prudential Real Estate Investors. Rumley says this Camp Hill asset sale is in keeping with Kimco's move toward grocery-anchored centers.
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