By Ryan Cashion Costar
The Cassata Organization, a Long Island-based real estate firm that owns and operates a large portfolio of apartments, diversified its investment focus with the recent acquisition of Forks Town Center, a grocery-anchored shopping complex in Forks Township, Pennsylvania.
The sale of the Lehigh Valley retail center was arranged by CBRE and transacted through Nike Equities, a real estate advisory firm specializing in real estate development and asset management, on behalf of Cassata. The fully-leased center located at 301 Town Center Blvd. measures 112,741 square feet and traded for $25.5 million, or about $254.36 per square foot.
The sale did not include the freestanding CVS-leased building.
Cassata acquired the property as part of a 1031-exchange following the recent sale of an apartment complex. The retail center wsa sold by J.C. Bar Properties, a commercial real estate company based in York, Pennsylvania.
The retail center is anchored by the grocery chain Giant and has Dunkin’, PNC Bank, Fine Wine & Good Spirits and Verizon as tenants
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