Thursday, January 24, 2013

PREIT Sells Power Center for $76.8M

Pennsylvania Real Estate Investment Trust (PREIT) sold the Paxton Towne Centre located at 5125 Jonestown Rd. in Harrisburg, PA to The Kroenke Group for $76.8 million, or approximately $166 per square foot. 

The power center was built in 2000 on 96.8 acres in the Harrisburg Area East submarket of Dauphin County, and was nearly 100 percent occupied at the time of sale. The properties that traded total approximately 462,696 square feet anchored by Weis Markets, HHGregg, Babies R Us, Kohls, Bed Bath & Beyond, Old Navy and Michaels. The center is also anchored by a separately-owned Target and Costco that were not included in the sale, but bring the total size of the center to nearly 736,000 square feet.

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