Hershey Sq.. Picture courtesy of JLL Capital Markets
Heidenberg Properties has bought Hershey Sq., a 229,724-square-foot procuring heart in Hummelstown, Pa. JLL Capital Markets brokered the transaction on behalf of the vendor.
CommercialEdge information reveals that Heidenberg bought the retail heart for $28.5 million from Hershey Belief Actual Property again in 2014. The identical supply reveals that in 2020 the property turned topic to a $32 million mortgage originated by The Provident Financial institution.
Based on JLL, roughly 55 % of the middle’s revenue derived from credit score tenancy and virtually 81 % of the gross revenue comes from its nationwide tenant lineup.
Accomplished in 1994, Hershey Sq. includes 4 buildings unfold throughout a 28.5-acre web site. The procuring heart is anchored by T.J. Maxx, Weis and Large Heaps. Different tenants on the heart embrace AT&T, 5 Beneath, Planet Health, 5 Guys, Chipotle, Verizon, Goodyear, VisionWorks and Panera. The property was 98 % leased on the time of the sale.
Located within the Dauphin County, the grocery-anchored heart is positioned at 1130-1198 Mae St. The property is correct off the intersection of Route 422 and Route 322, in an space the place the every day visitors depend reaches roughly 50,000 automobiles, based on JLL. Hershey Sq. serves a inhabitants of 268,947 residents and 110,411 households inside a 10-mile radius, with a median family revenue of $78,533.
Managing Director Colin Behr, Senior Managing Director Christopher Munley and Jim Galbally led the JLL Capital Markets’ Funding Gross sales and Advisory staff. The identical brokers not too long ago represented PREIT within the $27 million sale of a 65,155-square-foot Complete Meals Market parcel in Plymouth Assembly, Pa.
