Facebook LinkedIn Twitter RSS

Shopping center sold in Forks Township

By ,
Forks Town Center, a 100,250-square-foot shopping center off Sullivan Trail. (Contributed)
Forks Town Center, a 100,250-square-foot shopping center off Sullivan Trail. (Contributed)

A prominent shopping center in Forks Township is under new ownership.

CBRE Inc. of Philadelphia said it arranged for the sale and acquisition of Forks Town Center, a 100,250-square-foot shopping center off Sullivan Trail.

CBRE declined to disclose the sale price, which has not yet been listed on the Northampton County property records website.

Brad Nathanson, executive vice president at CBRE, and John Colussi, sales associate at CBRE, negotiated the transaction on behalf of the seller, Retail Properties of America of Oak Brook, Ill., and identified the buyer, a joint venture between Triple Crown Corp. of Harrisburg and J.C. Bar Properties Inc. of Camp Hill.

Nathanson said he and Colussi also represented the buyer.

CBRE’s Thomas Gorman, senior vice president of debt and structured finance, secured $18 million in financing on behalf of the buyer.

The shopping center is anchored by a 66,792-square-foot Giant Food Store with contiguous retail space and two pad sites leased by PNC Bank and Dunkin’ Donuts.

The property was 96 percent occupied at the time of the sale, and no upgrades or improvements are planned, Nathanson said.

Grocery-anchored shopping centers are a primary demand for investors in the retail sector, according to Nathanson.

“With Giant’s leading market share, Forks Town Center was highly demanded nationally given its prominence in an expanding submarket as the Lehigh Valley,” Nathanson said in a statement.

You May Have Missed...

Brian Pedersen

Brian Pedersen

Reporter Brian Pedersen covers construction, development, warehousing and real estate and keeps you up to date on the changing landscape of our community. He can be reached at brianp@lvb.com or 610-807-9619, ext. 4108. Follow him on Twitter @BrianLehigh and read his blog, “Can You Dig It,” at http://www.lvb.com/section/can-you-dig-it.

Leave a Comment

test

Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
View Comment Policy

Comments

close