Friday, December 12, 2014

Wharton Buys Lancaster Shopping Center for $35M

by Steve Lubetkin

Eatontown, NJ-based Wharton Realty Group has acquired Manor Shopping Center, 1204 Millersville Pike, Lancaster, PA, from The Real Estate Equity Company (“TREECO”), Englewood, NJ, for $34.99 million.

Manor Shopping Center is a 248,567 square-foot community shopping center, originally developed in the 1950s, co-anchored by a 61,450 square foot Regal Cinemas and a 52,000 square foot WeisMarkets. WeisMarkets has been at the property since its construction in 1959. The center was 93 percent occupied at the time of the sale with additional retail tenants, including Big Lots, Guitar Center, AdvanceAutoParts, CVSPharmacy, PAWine& Spirits, and RubyTuesday.

“Lancaster is a prosperous, growing market with low unemployment attracting out of state capital,” says Nathanson. “The maturity of the shopping center supporting long term viable occupancy, combined with Regal’s recent investment in a complete state of the art renovation to the interior of its theatre, proved very attractive in the marketplace.”

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