Grocery-anchored shopping center in Pennsylvania sells for $17M
JLL Capital Markets arranged the sale of the 195,735 square feet Mount Pocono Plaza located in Mt. Pocono, Monroe County, Pennsylvania
PHILADELPHIA, Jan. 24, 2023 – JLL Capital Markets announced today that it has closed the $17 million sale of Mount Pocono Plaza, a 195,735-square-foot, Weis-anchored shopping center located in Mt. Pocono, Pennsylvania.
JLL marketed the property on behalf of the seller, Heidenberg Properties. Agora Commercial acquired the asset.
The over 90% occupied shopping center is anchored by Weis, one of the dominant grocers in Central and Northeastern Pennsylvania. In addition to Weis, the property offers a best-in-class, complementary, discount-oriented lineup highlighted by Ollie’s Bargain Outlet, Harbor Freight, Planet Fitness and Dollar Tree.
Situated at 3236 Route 940, the center’s location provides easy roadway visibility along Route 940 with a 19,000 VPD and access to superregional transportation infrastructure. The property is 1.5 miles from Kalahari Indoor Waterpark (2.9M visits per year), 1.6 miles from I-380 Interchange and 4.7 miles from Camelback Mountain Resort (1.7M visits per year). Additionally, it benefits from a captive trade radius with only four shopping centers in a five-mile radius.
Nick Skeparnias, a principal of Agora Commercial Realty Advisors, stated, “All parties acted professionally and in full collaboration to ensure this transaction made it to closing, and we (Agora Commercial) look forward to participating with both parties on future opportunities.”
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Christopher Munley and Jim Galbally and Managing Director Colin Behr.
“We continue to see an abundance of capital sources flocking to secondary and tertiary markets in search of high quality, grocery-anchored shopping centers. Mount Pocono Plaza is a prime example of this trend, which we don’t foresee slowing down,” Behr said.
“The team at Heidenberg Properties did an exceptional job executing the value-add business plan at the shopping center through the course of ownership via anchor box re-positioning and strategic leasing to new, contemporary retailers that complement the grocer and market,” stated Munley.
“Mount Pocono Plaza represented one of four former Sears/Kmarts that our team had the opportunity to re-develop,” said Jason Lazar, COO of Heidenberg Properties. “The center’s prime location as well as the submarket’s recent job growth, presented us with the opportunity to find the right mix of retailers who have successfully evolved their businesses. The JLL Capital Markets team did a phenomenal job of qualifying potential suitors and ensuring a successful transaction.”
This center is part of a larger portfolio, consisting of 11 retail properties located across the Northeast and Mid-Atlantic United States.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Heidenberg Properties
Heidenberg Properties is a full-service real estate development company focused on the acquisition and development of open-air shopping centers, net leased properties, and secured note purchases in the Easter United States. The group is actively seeking new acquisitions and development opportunities. To learn more, visit www.heidenbergproperties.com
Agora Commercial Realty Advisors is a diversified full service real estate brokerage, management, investment and development company based in Philadelphia, PA. Agora has been aggressively acquiring shopping centers throughout the Mid-Atlantic region.
The company looks to add value through their relationships, managerial and development expertise as each center is unique; while working with numerous developers, investors, landlords and tenants.