Philly-Area Shopping Center Trades for $18M

LS Property Investments has purchased Dorneyville Shopping Center, a 101-651-square-foot grocery-anchored shopping center in Allentown, Pa. Joshi Hotel Group sold the asset for $17.8 million. At the time of the sale, the one-story building was 86 percent leased.

Institutional Property Advisors brokered the transaction, with Executive Director Brad Nathanson and Senior Director JP Colussi working on behalf of the seller and procuring the buyer. Tompkins Community Bank originated the $12 million acquisition loan, according to CommercialEdge data.

Joshi Hotel Group purchased the 1961-completed building back in 2012 from Roi Management for $16 million, the same source shows.

Anchored by Aldi, Dorneyville Shopping Center includes a diverse mix of grocery, restaurant, medical, fitness and service-use tenants such as Pizza Hut, Marshall Arts, Total Eye Care, Mario’s Pizza, Dedicated Nursing Associates, One Main Financial, an ImagiNation children’s entertainment place and Body Elite Fitness Training.

Located at 3227 Hamilton Blvd., the center is positioned within the fastest growing region in Pennsylvania. The property is in an affluent community with strong annual growth, serving approximately 224,877 residents within a 5-mile radius. Dorneyville Shopping Center is near the intersections of Interstate 78, Route 222 and Interstate 467, and within walking distance of Dorney Park & Wild Water Kingdom and Cedar Crest Hospital.

Institutional Property Advisors recently represented KPR Centers in the sale of Gloucester Town Center, a 102,660-square-foot grocery-anchored shopping center in Sicklerville, N.J. The brokerage company worked on behalf of the seller and procured the buyer.

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