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Chesapeake invests $7.5M in Pennsylvania shopping center
Chesapeake invests $7.5M in Pennsylvania shopping center
Listen to this articleHanover-based Chesapeake Real Estate Group and financial partner Cicero Capital Partners have purchased the Palmer Super Center, a 100,272-square-foot shopping center in Easton, Pennsylvania.
Accounting for renovations and leasing cost of the shopping center, the total investment in the property is $7.5 million. The center was 85 percent leased at the time of the acquisition, with Redner’s Warehouse Market serving as the anchor tenant.
“This acquisition fits into our company’s initiative to invest in income-producing real estate with significant short- and long-term value-added potential, based on presence of a strong grocery anchor, its position in a stable and growing marketplace with strong demographics and the excellent leasing upside of the center,” Jim Lighthizer, founder and owner of Chesapeake Real Estate Group, said in a news release.
Palmer Super Center was renovated in 2001, and roughly 60,000 consumers live within a three-mile radius and have an average household income of more than $70,000.
The firm purchased the property from 3725 Nicholas Holdings Limited Partnership at below-replacement cost, according to Lighthizer, and the center’s double-digit cap rate and 15 percent vacancy rate presents an opportunity to add value with new retail uses.
The center is Chesapeake’s second asset in Pennsylvania.
