Vastgood Properties has acquired the Newberry Commons retail center in in Etters, Pennsylvania near Harrisburg. It paid $17 million or $69 per square foot for the 246,000 sqf center which was built in 1987. The asset is anchored by Darrenkamp’s Market, a regional grocer with four locations, and Rite Aid operational headquarters which boasts over 700 employees at the location. The KLNB Retail Investment Sales Group represented the seller, Newberry Commons, LLC and also procured the buyer. At the time of the sale, the property was 95 percent leased.
“Newberry Commons has an extremely strong and stable group of tenants,” 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.”
