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AVR Realty Grabs Logan Center for $104M

ALTOONA, PA-The locally based developer sells the 852,541-sf power center, one of the largest grocery-anchored retail assets in the Northeast.

By Marita Thomas | Updated on December 04, 2007

ALTOONA, PA-Yonkers, NY-based AVR Realty has acquired Logan Town Center for $104 million, or nearly $122 per sf. The seller is locally based MM Altoona Associates LP, which developed the power center.

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.

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