Thursday, June 6, 2019

Local Investor Buys Grocery-Anchored Shopping Center in Lancaster, Pennsylvania

Local full service investment, management and development firm Goodman Properties purchased the grocery-anchored Chelsea Square shopping center in Lancaster, Pennsylvania, from Boston-based Beacon Communities for $8.8 million, or about $91 per square foot.

The 96,455-square-foot center at 1603-1653 Manheim Pike is anchored by Weis. Built in 1988, the property spans 10.7 acres less than three miles from the Lancaster train station.

Additional tenants at the 97% leased property include Talbots, Jos. A. Bank, M&T, Domino’s Pizza, Great Clips, The Lighting Gallery and ModernEyes Optical.

"We have seen an uptick in investor interest within the Lancaster market. With positive demographic trends and sound existing retail fundamentals, we expect to see continued transactional activity from new-to-market investors, specifically in the grocery-anchored space," Munley said in a statement.

Founded in 1985, Goodman Properties manages more than 650 tenants across its portfolio ranging from small local businesses to national retailers, according to its website.

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