Wednesday, May 9, 2018

Wilder Buys Silver Spring Square in Harrisburg from DDR

The Wilder Companies, a Boston-based retail developer and manager, re-entered the Pennsylvania market with its recent acquisition of Silver Spring Square, in partnership with an institutional real estate fund.

DDR Corp. sold the 342,600 square-foot shopping center for $80.8 million, or about $235.87 per square foot.

Located on Carlisle Pike (Route 11), approximately 10 miles west of the state capital of Harrisburg, the 11-year-old center is anchored by a 126,240-square-foot Wegmans Supermarket and shadow-anchored by a 139,377-square-foot Target and an 87,000-square-foot Kohl’s. Other major tenants include Best Buy, Ross, Bed Bath & Beyond, Petco, Lane Bryant and Ulta, as well as seven additional pads sites.

The property was 98 percent occupied at the time of sale including a recent new lease signed by Old Navy for 12,295 square feet, taking a portion of the former space occupied by Office Max.

"Silver Spring Square fits perfectly into our acquisition platform targeting dominant grocer-anchored centers throughout the East Coast. We are excited to reestablish our expertise in the Pennsylvania market."

For Ohio-based DDR, the sale marked the completion of the first asset sale from its Retail Value Inc. (RVI) spin-off, which is expected to begin operating as a separate firm this july seeded with of 38 U.S. retail properties and all 12 of DDR's Puerto Rico assets.

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