Wednesday, December 12, 2018

PAG Acquires 294K SF Williamsport, PA, Retail Center, Loyal Plaza

by Steve Lubetkin, Globest.com
Loyal Plaza, a 293,607-square-foot, value-add shopping center anchored by GIANT Food Stores and Kmart in the northern Pennsylvania community of Williamsport, PA, has been sold to New York-based PAG Investments.

“In addition to a high-performing grocery anchor and value-add opportunities through re-tenanting, Loyal Plaza is positioned on strong fundamental real estate. The sale was a highly competitive process with a good depth of regional and national buyers.”

Blackstone acquired the property in May 2016 from RioCan REIT for $22.6 million. Financial terms of the current transaction were not disclosed.

“We were able to secure a short-term loan that enabled PAG to acquire Loyal Plaza and provide them with the necessary time and funds that will be required to unlock the value of this shopping center."

Anchored by GIANT and Kmart, the 94.1%-leased Loyal Plaza is also home to Dollar Tree, Verizon Wireless, Staples, Great Clips, BB&T Bank, Rite Aid and Red Lobster, among others.  Situated at 1915-1965 East 3rd Street, Loyal Plaza is visible to more than 23,000 vehicles per day.  The center is in Williamsport, the primary economic center of Lycoming County, and is less than one mile off Interstate 180, which provides easy access to Interstate 80.
www.omegare.com

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