ALTOONA, PA-If there are any doubts that the retail real estate sector has heated up, then the recent sale of a power center here near the dead center of Pennsylvania should quench those reserves. Logan Town Centre, a 715,819-square-foot asset, recently traded for $101.5 million, at a 6.8% capitalization rate, figures that are usually reserved for class A centers around major metro areas.
“While it's located in Altoona, it draws easily from a 20-mile radius,” Jim Koury, a senior managing director at HFF, who brokered the deal for Yonkers-based seller AVR Realty, tells GlobeSt.com. “To me Altoona is a misnomer. It speaks more loudly to the stability of the area.”
Logan Town Centre, which was built in 2007, counts Giant Eagle Supermarket, Bed Bath & Beyond, Dick's Sporting Goods and Kohl's among its junior-anchor mix. The buyer, who Koury could only describe as a “private, high-net-worth individual” who is not part of a 1031 investment group, obviously sees potential returns of the center, which has a loan maturing in 2017 but is 98.4% leased.
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