HFF Closes Sale of Retail Center in Pennsylvania

Nassimi Realty is the new owner of Market Street Square, a grocery-anchored shopping center in Elizabethtown, Pa.

by IvyLee Rosario

Elizabethtown, Pa.HFF has closed the sale of Market Street Square in Elizabethtown, Pa. The property is a 169,856-square-foot, fully leased, grocery-anchored retail center.

Market Street Square in Elizabethtown, Pa.
Market Street Square in Elizabethtown, Pa.

The firm marketed the property on behalf of a publicly-traded REIT. Nassimi Realty LLC purchased the asset free and clear of existing debt. The company is actively seeking to acquire various types of real estate, including shopping centers, office buildings, industrial properties and residential developments.

Located at 1605-1641 South Market St., Market Street Square is anchored by Weis Markets, Kmart and Dollar General, as well as home to Sleepy’s, Sherwin Williams, Subway and Fulton Bank. Covering 18.6 acres, Market Street Square is situated in the dominant retail and commercial area of Elizabethtown, 21 miles south of downtown Harrisburg.

“Grocery-anchored retail positioned within secondary markets continues to remain in high demand. This asset in particular offered the ability to add further value through development and leasing opportunities,” Chris Munley, managing director of HFF, said in prepared remarks.

The team representing the seller was made up of Munley, Senior Managing Director Jose Cruz and Associate Director Michael DiCosimo. HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

Image courtesy of HFF