Gettysburg Marketplace, 44 Natural Springs Road, Gettysburg, PA
GETTYSBURG, PA—The Gettysburg Marketplace, an 85,488 square-foot shopping center in Gettysburg, Adams County, PA, was sold in a transaction brokered by Jones Lang LaSalle. Glen Una Management purchased the asset. The Marketplace was most recently owned by New York-based Blackstone Group, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions. Financial details were not disclosed.
JLL managing director Jim Galbally and senior vice president Colin Behr led the team handling the sale, along with managing director Bill Moylan and vice president Nate Cleland.
“We had a tremendous amount of investor interest due to Giant's excellent sales history at Gettysburg Marketplace,” says Galbally. “Both seller and buyer were great to work with which ultimately made for a great process on both sides.”
The shopping plaza, located at 44 Natural Springs Road, is anchored by Giant Food Stores. Other national and regional tenants include Pet Valu, Papa Johns, Sally Beauty, AT&T Wireless and Arby's. Gettysburg Marketplace is the dominant retail shopping center in the area and is currently 90-percent occupied.
“The dynamics of the Gettysburg market, tourism, college town, etc., combined with Giant's dominant performance and commitment to the shopping center, made this an attractive asset,” says Behr. “The rest of the tenant lineup speaks for itself with all national, established tenants which further drove the process of getting Gettysburg Marketplace sold.”
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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].
