Mount Pocono Plaza. Picture courtesy of Heidenberg Properties
Agora Industrial has bought Mount Pocono Plaza, a 195,735-square-foot purchasing heart in Mt. Pocono, Pa. Heidenberg Properties offered the asset for $17 million, with the help of JLL.
Weis anchors the asset that was 90 p.c leased on the time of sale. Different tenants on the property embody Greenback Tree, Ollie’s Cut price Outlet, Planet Health, McDonald’s, Wells Fargo, Subway, GameStop and Harbour Freight.
The purchasing heart occupies a 19.5-acre web site at 3236 Route 940. The property is surrounded by resorts that appeal to hundreds of thousands of holiday makers per 12 months, reminiscent of Kalahari Resorts, Conference Middle and Camelback Mountain Resort.
The JLL Capital Markets staff led by Managing Director Colin Behr, Senior Managing Administrators Jim Galbally and Christopher Munley represented the vendor.
Redeveloping retail belongings
Heidenberg Properties COO Jason Lazar mentioned in ready remarks that Mount Pocono Plaza was one of many 4 former Sears/Kmart properties that the corporate redeveloped. Heidenberg had acquired the Mt. Pocono purchasing heart in 2013 and the on-site, 84,000-square-foot Kmart closed in 2015.
Maintaining with the always evolving nature of the retail sector, increasingly homeowners are contemplating redevelopment choices which will embody the conversion of indoor malls to open-air, mixed-use facilities or the addition of multifamily parts.
Lately, Fernmoor Houses introduced plans for the $100 million redevelopment of a 581,462-square-foot retail heart in Lancaster, Pa. The brand new proprietor intends to demolish 265,198 sq. toes of vacant business house and substitute it with greater than 400 flats.
