KUTZTOWN, PA—CBRE has brokered the sale of Weis Plaza, 15260 Kutztown Rd., Kutztown, Berks County, PA. Brad Nathanson, executive vice president with CBRE's Conshohocken office, represented the seller, Phillips Edison Fund III of Cincinnati, OH. Nassimi Realty of New York City acquired the property for an undisclosed amount.
Weis Plaza is a 115,359 square-foot shopping center anchored by a 56,614 square-foot Weis Markets and its gas pad. The property, built in 1972, was 77% leased at the time of the sale. Additional retail tenants include Dollar General, Once Again Thrift Store, National Auto Stores and RadioShack.
“Value-added shopping centers, with a grocery-anchor component, still remain in very high demand among all investor classes and continue to draw regional and national interest,” says Nathanson. “The stability of owning a top tier grocer within the tenant mix allows for a premium on rentals, pushing for better appreciation among these demanded assets.”
The property is well located on Kutztown Road (East Main Street), providing excellent local and regional access while serving Kutztown University. The shopping center is within 30 minutes of Allentown and Reading via US Route 222.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
