by Steve Lubetkin, Globest.com
Boston-based Unison Realty Partners acquired High Pointe Commons, a premier 355,000-square-foot regional community center in Harrisburg, PA for $33.8 million.
Built in 2006, the property is anchored by an independent 125,000-square-foot Target and 98,000-square-foot JCPenney, which includes in-store Sephora and Disney Store concept shops. Those properties were not included in the sale.
Unison will be acquiring the remaining 132,000 square feet of the property, which includes a stable and diverse mix of fashion, service and food tenants, including Christmas Tree Shops, Chili’s Bar and Grill, and Petco. Today, High Pointe Commons, located off of Interstate 283, is 99 percent leased.
“High Pointe Commons is the epitome of what we look for in an investment,” says Karim Fadel, founder and principal of Unison Realty Partners. “With a convenient location in a growing market, historically high occupancy and a lineup of national retailers, we’re confident that High Pointe Commons will continue to draw in the local community while we work to improve and develop the center.”
Unison owns and operates a number of shopping centers along the east coast, including its most recent acquisition of Johnston Road Plaza, a grocery-anchored shopping center in Charlotte, NC. Targeting performing properties with value to unlock, Unison Realty Partners is actively seeking new deals throughout the Northeast and Southeast regions.
High Pointe Commons was a joint venture development of High Real Estate Group and CBL & Associates Properties.
“High Pointe Commons represents some of the highest quality construction and aesthetics of a shopping center within all of Central Pennsylvania contributing to capturing a best of class tenancy. Ownership was ahead of their time in 2005 by developing one of the first off-mall JCPenney locations, which has been a major success with the recent addition of Sephora and Disney stores within the store. High Pointe Commons is well positioned along one of the busiest interstate connectors in all of Central Pennsylvania, fronting Interstate 283. Interstate 283 brings retail customers from Route 322, from Hershey to the east, as well as Interstate 76 to the south and Interstate 83 from Harrisburg CBD. With high historical occupancy and the recent addition of Petco on one of the last pad sites at the property, the superior location will allow the new ownership to continue with success driven by a high volume Target.”