Shoppes at Susquehanna Marketplace sold for $44M
Clarion Partners, a New York City-based real estate investment manager, paid $44 million for the Shoppes at Susquehanna Marketplace in Susquehanna Township, according to Dauphin County tax records.
The deal was brokered by Brad Nathanson and Thomas Gorman of CBRE.
Ohio-based Stanbery Development acquired the property in 2003 for about $5.3 million. The 110,365-square-foot lifestyle center, which includes tenants such as Banana Republic, Romano's Macaroni Grill, White House Black Market, Chico's and Williams-Sonoma, was built in 2004.
The sale took place at the end of May, according to tax records. The center was 94 percent occupied at the time.
"Given its prominent location and its exposure to Central Pennsylvania at I-81 and I-83, two of the busiest interstates in Pennsylvania, the shopping center will continue to capture best of class tenants among the specialty fashion and restaurant sectors," said Nathanson, executive vice president with CBRE's Capital Markets group.
Other tenants include J. Crew Factory, Athleta, Hand and Stone Massage and Facial Spa, and Harvest Seasonal Grill and Wine Bar.