Joshi Lodge Group bought Dorneyville Procuring Middle in 2012. It’s at the moment 86 p.c leased and anchored by Aldi. Picture courtesy of Institutional Property Advisors
LS Property Investments has bought Dorneyville Procuring Middle, a 101-651-square-foot grocery-anchored buying heart in Allentown, Pa. Joshi Lodge Group bought the asset for $17.8 million. On the time of the sale, the one-story constructing was 86 p.c leased.
Institutional Property Advisors brokered the transaction, with Government Director Brad Nathanson and Senior Director JP Colussi engaged on behalf of the vendor and procuring the client. Tompkins Group Financial institution originated the $12 million acquisition mortgage, in response to CommercialEdge knowledge.
Joshi Lodge Group bought the 1961-completed constructing again in 2012 from Roi Administration for $16 million, the identical supply exhibits.
Anchored by Aldi, Dorneyville Procuring Middle features a various mixture of grocery, restaurant, medical, health and service-use tenants akin to Pizza Hut, Marshall Arts, Complete Eye Care, Mario’s Pizza, Devoted Nursing Associates, One Important Monetary, an ImagiNation youngsters’s leisure place and Physique Elite Health Coaching.
Situated at 3227 Hamilton Blvd., the middle is positioned inside the quickest rising area in Pennsylvania. The property is in an prosperous group with robust annual progress, serving roughly 224,877 residents inside a 5-mile radius. Dorneyville Procuring Middle is close to the intersections of Interstate 78, Route 222 and Interstate 467, and inside strolling distance of Dorney Park & Wild Water Kingdom and Cedar Crest Hospital.
Institutional Property Advisors lately represented KPR Facilities within the sale of Gloucester City Middle, a 102,660-square-foot grocery-anchored buying heart in Sicklerville, N.J. The brokerage firm labored on behalf of the vendor and procured the client.
