246,000 square foot retail center renovated in 2014
WASHINGTON, D.C. (January 6, 2017) – The KLNB Retail Investment Sales Group has brokered the sale of Newberry Commons, a 246,000 square foot grocery-anchored community retail center located in Etters, Pennsylvania near Harrisburg for $17 million. Andy Stape and Vito Lupo of KLNB Retail exclusively represented the seller, Newberry Commons, LLC and also procured the buyer, Vastgood Properties in this transaction. Located at 10 Newberry Commons, the asset was 95% leased at the time of the sale.
The center, constructed in 1987, is presently anchored by Darrenkamp’s Market, a regional grocer with four locations, and Rite Aid operational headquarters.These anchors are complimented by a variety of national, regional, and local tenants well suited to the community. Newberry Commons is positioned directly off Interstate 83, the primary north-south commuter highway connecting Baltimore, MD with Harrisburg, PA, and the center has direct visibility to the nearly 62,000 vehicles passing the site on a daily basis.
The center was the recipient of an extensive $2 million renovation package in 2014 which focused primarily on the improvement of the grocery store space. The program included the installation of a covered entrance and extended to upgrades of the HVAC system and parking lot, as well as new exterior lighting.
Approximately 130,000 square feet of the project is leased and occupied by Rite Aid Pharmacy, which maintains an operations center at Newberry Commons and has a long-term lease. The national retailer maintains two headquarter locations in Pennsylvania, including one in Camp Hill which is approximately nine miles from the site. More than 700 Rite Aid employees work at Newberry Commons to manage divisions including information technology, human resources, payroll, and computer systems testing.
“Newberry Commons has an extremely strong and stable group of tenants, led by the dominant area grocery store, Darrenkamp’s Market, and Rite Aid, both with long term leases,” explained Vito Lupo of KLNB Retail. “The daily presence of approximately 700 employees working within the Rite Aid operations center provides a built-in consumer base for the other tenants in the center, and the project is surrounded by healthy and growing demographics. The new owner acquired a strategically-located asset with stable anchors and upside potential in leasing the current vacancy which will provide long-term value.”
Founded in 1968, KLNB, LLC is comprised of two real estate services companies that includes NAI KLNB, a division that focuses on the sale and leasing of commercial office, industrial and warehouse properties, as well as KLNB Retail, which specializes in the sale and leasing of retail properties as well as tenant representation. KLNB is a joint venture in Paragon Commercial Property Management, a full-service provider of commercial real estate property and asset management services.In addition, the company formed a joint venture partnership with Columbia National Real Estate Finance, LLC to create Arris Realty Capital, an entity that provides real estate financing options.
KLNB, LLC provides a full range of integrated brokerage, sales, financial, investment and strategic advisory services to the commercial office, industrial and retail marketplace. Headquartered in Towson, MD, the other four full-service offices are located in Columbia, MD; Washington, D.C., as well as Tysons Corner and Dulles, Virginia. For additional information visit: www.klnb.com
