LANCASTER, PA—Eatontown, NJ-based Wharton Realty Group has acquired Manor Shopping Center, 1204 Millersville Pike, Lancaster, PA, from The Real Estate Equity Company (“TREECO”), Englewood, NJ, for $34.99 million. Brad Nathanson, executive vice president with CBRE's Capital Markets Retail team, led the transaction for TREECO.
Manor Shopping Center is a 248,567 square-foot community shopping center, originally developed in the 1950s, co-anchored by a 61,450 square foot Regal Cinemas and a 52,000 square foot WeisMarkets. WeisMarkets has been at the property since its construction in 1959. The center was 93 percent occupied at the time of the sale with additional retail tenants, including Big Lots, Guitar Center, AdvanceAutoParts, CVSPharmacy, PAWine& Spirits, and RubyTuesday.
“Lancaster is a prosperous, growing market with low unemployment attracting out of state capital,” says Nathanson. “The maturity of the shopping center supporting long term viable occupancy, combined with Regal's recent investment in a complete state of the art renovation to the interior of its theatre, proved very attractive in the marketplace.”
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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].
