HFF Closes Sale of 151 KSF Retail Center near Philly
- Mar 10, 2017
Philadelphia—HFF has closed the sale of MacArthur Towne Centre, a 151,418-square-foot retail center located at 2524-2590 MacArthur Road in Whitehall, Pa. According to Lehigh County property records, the 94.5 percent-leased property was purchased by ARD MacArthur LLC, an affiliate of Abrams Realty & Development, for $14.3 million.
HFF Managing Director Chris Munley, Associate Director Michael DiCosimo and Senior Managing Director Jose Cruz represented the seller, Kimco Realty-affiliate Kimschott Whitehall LP. The firm purchased the property from Kmart for $17 million back in November 2005, according to property records.
“The Lehigh Valley is a strong consumer market, which is reflected by consecutive years of job growth and strong medical and industrial sectors,” Munley said in prepared remarks. “MacArthur Towne Centre drew a large audience of investors due to its strategic location and long-term value prospects.”
The center is located approximately three miles from Allentown in the MacArthur Road retail corridor with around 44,000 vehicles passing by per day. MacArthur Towne Centre is anchored by Jo-Ann Fabrics and Craft, American Signature Furniture and 2nd & Charles, who account for more than 65 percent of the square footage. The shopping center is also home to Party City, David’s Bridal, Aaron’s, H&R Block, T-Mobile and more.
Image courtesy of HFF