May 29, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the sale of Chelsea Square, a 96,455-square-foot, grocery-anchored shopping center in Lancaster, Pennsylvania.
Chelsea Square is anchored by Weis, a regional grocer undergoing a period of rapid growth, and is also home a diverse tenant roster of mostly internet-resistant tenants, including Talbots, Jos. A. Bank, M&T, Domino’s Pizza, Great Clips, The Lighting Gallery and ModernEyes Optical. Situated on 10.67 acres at 1603-1653 Manheim Pike, the center is located along a retail corridor with visibility to 46,000 vehicles per day and has direct access to the Pennsylvania Turnpike (Interstate 76) and U.S. Routes 30, 222 and 283. More than 58,000 residents earning an average annual household income of $105,698 live within a three-mile radius of Chelsea Square.
The HFF team representing the seller included managing director Chris Munley and senior director Carl Fiebig.
“Chelsea Square was acquired as a broader portfolio transaction,” said Michael Alperin, Beacon Communities acquisitions and strategic initiatives director. “Beacon Communities is happy to get this real estate in the right local owner’s hands through Goodman Properties. Chris and his team were excellent to work with for a seller more versed in multifamily rather than commercial real estate.”
“We have seen an uptick in investor interest within the Lancaster market,” Munley said. “With positive demographic trends and sound existing retail fundamentals, we expect to see continued transactional activity from new-to-market investors, specifically in the grocery-anchored space.”