Chesapeake Real Estate Group and their financial partner Cicero Capital Partners have acquired the Palmer Super Center in Easton, Pennsylvania. The $7.5 million investment is located at 3725 Nicholas Street and covers 100,272 square feet of retail shopping center. With 85 percent of the leasable area occupied at the time of the purchase, the asset traded for just under $75 per square foot. The center was last renovated in 2001 and features a large on-site parking field and pylon signage. Chesapeake plans to do completely renovate the center to improve its aesthetics and increase leasing velocity.
Chesapeake Real Estate Group specializes in developing and owning large-scale warehouse and industrial buildings, as well as smaller regional retail and office buildings located in the Mid-Atlantic region. The company is currently developing more than 2.6 million square feet of space and, last year, delivered or commenced construction of approximately 1.6 million square feet of space.
“This acquisition fits into our company’s initiative to invest in income-producing real estate with significant short and long term value-added potential, based on the presence of a strong grocery anchor, its position in a stable and growing marketplace with strong demographics and the excellent leasing upside of the center,” explained Jim Lighthizer, founder and owner of Chesapeake Real Estate Group.
