PHILADELPHIA, PA – May 29, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the sale of Chelsea Square, a 96,455-square-foot, grocery-anchored shopping center in Lancaster, Pennsylvania.
HFF marketed the property on behalf of the seller, Beacon Communities. Goodman Properties purchased the asset.
Chelsea Square is anchored by Weis, a regional grocer undergoing a period of rapid growth, and is also home a diverse tenant roster of mostly internet-resistant tenants, including Talbots, Jos. A. Bank, M&T, Domino’s Pizza, Great Clips, The Lighting Gallery and ModernEyes Optical. Situated on 10.67 acres at 1603-1653 Manheim Pike, the center is located along a retail corridor with visibility to 46,000 vehicles per day and has direct access to the Pennsylvania Turnpike (Interstate 76) and U.S. Routes 30, 222 and 283. More than 58,000 residents earning an average annual household income of $105,698 live within a three-mile radius of Chelsea Square.
The HFF team representing the seller included managing director Chris Munley and senior director Carl Fiebig.
“Chelsea Square was acquired as a broader portfolio transaction,” said Michael Alperin, Beacon Communities acquisitions and strategic initiatives director. “Beacon Communities is happy to get this real estate in the right local owner’s hands through Goodman Properties. Chris and his team were excellent to work with for a seller more versed in multifamily rather than commercial real estate.”
“We have seen an uptick in investor interest within the Lancaster market,” Munley said. “With positive demographic trends and sound existing retail fundamentals, we expect to see continued transactional activity from new-to-market investors, specifically in the grocery-anchored space.”
About Beacon Communities
Beacon Communities is a privately owned real estate firm that develops, acquires, invests in and manages a wide range of multifamily housing. The firm also invests in and purchase affordable housing companies and portfolios of multifamily developments. Beacon owns and manage approximately 18,000 apartments, including affordable housing, market-rate housing and mixed-income housing. Its developments range from new construction to historic adaptive reuse to the renovation of existing housing. Beacon takes on challenging developments and make them succeed. The firm’s driving passion is to create well-designed, healthy homes that improve the quality of life of its residents and enhance the neighborhoods in which they are located. Visit beaconcommunitiesllc.com for more information.
About Goodman Properties
Founded in 1985 by Bruce Goodman, Goodman Properties has become one of the Delaware Valley’s leading real estate development and management firms. Over the past 31 years, the company has evolved into an elite developer of specialty stores (CVS, Walgreens and Wawa) and premier regional shopping centers with more than five million square feet of diverse commercial, residential and office space. Goodman properties manages more than 650 tenants across its portfolio ranging from small local businesses to national retailers, including Target, Wal-Mart, Sam’s Club, Toys R’ Us, Giant Foods, Starbucks, Costco, Regal Entertainment Group and many more. To learn more, visit goodmanproperties.org.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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