Located at Exit 33 of I-99, it serves the tri-city region of Altoona, State College and Johnstown, and is one of the largest supermarket-anchored centers in the Northeastern US. AVR principals were attending the ICSC meeting in New York City and unavailable for interviews. However, according to the AVR website, this is the company's only retail property in Pennsylvania.
At the time of the sale, it was 95% occupied by a roster of major retail tenants. Among them are: an 85,000-sf Giant Eagle supermarket along with Kohl's, Staples, Best Buy, Petco, Dick's Sporting Goods, Barnes & Noble, Bed Bath & Beyond, Ross, Boscov's and the Home Depot.
Jim Koury, managing director in the Boston office of Jones Lang LaSalle, represented the seller and also procured the buyer. He tells GlobeSt.com the property is new and several outparcel expansions will be added over the next two years. The rental rates range from $14 per sf to $24 per sf, he says.
AVR has significant retail properties, ranging from single-tenant assets to malls and centers, primarily throughout New York State, with others in Texas, Rhode Island, California and Massachusetts. The Boston-based Northeast retail sales team of JLL has negotiated sales of eight million sf with a combined value of more than $1.2 billion over the past 18 months.
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