A Poconos shopping center has been sold for $3 million to a regional investment group that has plans to expand the property.
The 16-unit, 65,000-square-foot shopping center, called Carriage Square, is at 674 Route 915 in Coolbaugh Township near the Pocono Farms residential development.
Current tenants include Family Dollar, H&R Block, Subway, a pizzeria, a tobacco store, a hair salon, and a Chinese restaurant.
The Daniel Perich Group of KW Commercial in Stroudsburg facilitated the sale.
According to Daniel Perich, the buyer, EXR Properties, plans to invest in the current structure and has hired Barry Isett & Associates of Upper Macungie Township to perform the engineering work on expansion plans in order to attract larger tenants.
EXR’s Steve Stern said the property was a good value, and though it had vacancies, he felt that might stem from a lack of flexibility on the size of rental units in the center.
An expansion, he said, could provide opportunities for retailers that would like to locate in a growing area.
“There is a real need for a grocery store in that area,” Stern said, as an example.
Perich’s agency has been retained to handle leasing for the center.
He noted that the center is already near many attractions including Kalahari Resorts, Pocono Manor Resort, Great Wolf Lodge and Mt. Airy Casino Resort. Also nearby are Sanofi Pasteur, Pocono Mountain School District, and The Crossings Premium Outlets.
Future growth is also expected in the region with the proposed $400 million Pocono Springs Entertainment Village and a planned 130,000-square-foot expansion at Kalahari Resorts’ convention center.