Wednesday, October 1, 2014

Weis Plaza in Kutztown, PA Trades

by Steve Lubetkin,

 Weis Plaza, 15260 Kutztown Rd., Kutztown, Berks County, PA. traded for an undisclosed amount. Phillips Edison Fund III of Cincinnati, OH was the seller. Nassimi Realty of New York City acquired the property.
Weis Plaza is a 115,359 square-foot shopping center anchored by a 56,614 square-foot Weis Markets and its gas pad. The property, built in 1972, was 77% leased at the time of the sale. Additional retail tenants include Dollar GeneralOnce Again Thrift StoreNational Auto Stores and RadioShack.
“Value-added shopping centers, with a grocery-anchor component, still remain in very high demand among all investor classes and continue to draw regional and national interest. The stability of owning a top tier grocer within the tenant mix allows for a premium on rentals, pushing for better appreciation among these demanded assets.”
The property is well located on Kutztown Road (East Main Street), providing excellent local and regional access while serving Kutztown University. The shopping center is within 30 minutes of Allentown and Reading via US Route 222.

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