The Outlets @ Rockvale. Picture courtesy of Institutional Property Advisors
Fernmoor Properties has acquired The Outlets @ Rockvale, a 581,462-square-foot regional outlet heart in Lancaster, Pa. Institutional Property Advisors, a division of Marcus & Millichap, brokered the $30.5 million transaction on behalf of the vendor, Wharton Realty Group, and procured the customer.
Located at 35 S. Willowdale Drive, on roughly 63 acres, The Outlets @ Rockvale hosts greater than 40 retailers. Carter’s, Crate & Barrel Outlet, Disney, Olive Backyard and Cracker Barrel are among the many property’s tenants. Situated alongside Route 30, the retail heart is lower than 8 miles from downtown Lancaster.
IPA Senior Managing Director Brad Nathanson, Director David Crotts and Govt Managing Director Dean Zang led the brokerage efforts on the transaction.
Leveraging value-add alternatives
Fernmoor Properties will leverage the location’s present value-add alternatives by executing a redevelopment plan. The brand new proprietor will add a residential part by demolishing 265,198 sq. toes of vacant business area within the buying heart. Plans name for 416 one-, two- and three-bedroom flats, throughout 13 four-story buildings, on the bottom of Rockvale Street. The multifamily group is ready to additionally incorporate the East Lampeter Rail Path.
The corporate will submit its $100 million growth plan to the East Lampeter Township this yr, with a undertaking completion slated for 2028. A clubhouse, a pool, a canine park, a health heart, in addition to strolling trails, firepits and a picnic space are among the many deliberate facilities on the upcoming residential group.
Attributable to altering buying habits and the rise of e-commerce, increasingly more retail homeowners and buyers are considering repurposing and redeveloping their present area. A few of these methods embody changing indoor malls to open-air, mixed-use facilities or including multifamily parts, a course of that’s rigorously tailor-made to every property’s distinctive traits.
