Thursday, January 10, 2013

Paramount Realty Buys The Promenade at Lebanon for $12M

Paramount Realty Services, Inc., a New Jersey-based full-service commercial real estate firm, acquired The Promenade at Lebanon East at 801-835 Bowman St. in Lebanon, PA for $12 million, or about $111 per square foot, from Brandolini Companies. 

The center was delivered in 1989 with renovations completed in 2003, and sits on 11 acres. Anchor tenants are CVS Pharmacy and Giant Supermarket with other named tenants like Advance Auto Parts, GameStop, and Nationwide Insurance. The center was 90 percent occupied at the time of sale. 

The buyers took out a $9 million loan with Customers Bank to fund the acquisition after putting down $3 million. Escrow was approximately 60 days.

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