Triple Bar Group Buys Pennsylvania Shopping Center
- Nov 11, 2020
Triple Bar Group—a partnership of J.C. BAR Properties, Triple Crown Corp. and Weathervane Capital Partners—has bought York Marketplace, a 305,000-square-foot shopping center in York, Pa. Following a $38.5 million acquisition in 2016 from Cedar Realty Trust for, ShopCore Properties sold the grocery-anchored property in a deal brokered by Institutional Property Advisors, according to public records.
IPA’s Senior Managing Director Brad Nathanson represented the seller and identified the buyer, while Michael Helpern and Chris Marks of IPA Capital Markets arranged acquisition financing. The team decided on a 10-year, full-term interest-only deal, Helpern said in prepared remarks. J.C. BAR Properties will act as manager for the asset.
The property was 98 percent occupied at the time of the sale and is anchored by tenants, such as Giant Food Stores on 74,541 square feet, Lowe’s Home Improvement on 125,353 square feet and Premium Fine Wine & Good Spirits on 12,500 square feet, Nathanson said in a prepared statement.
York Marketplace is positioned at 2501 E. Market St., next to York Mall Shopping Center. Central York is roughly three miles west of the site, while Interstate 83, the main connection between Baltimore and Harrisburg, Pa., is 1 mile away.
Earlier this year, IPA also negotiated the disposition of Chapel Hill, a shopping center just under 460,000-square-foot in Cuyahoga Falls, Ohio. The Burlington- and Giant Eagle-anchored asset traded for $46 million.