New Jersey investor completes $30M purchase of Rockvale Outlets
A group of investors led by New Jersey-based Wharton Realty Group has completed its $30 million purchase of the Rockvale Outlets in Lancaster County, according to county deed records.
The deal, which was first reported in late October, was recorded on Tuesday. Wharton was the top bidder at an auction for the sprawling East Lampeter Township retail center, which is one of the biggest shopping centers in the county.
The future of the outlet center seemed uncertain after its previous owners, two Montgomery County real estate investors, defaulted on their mortgage and transferred the deed in June to a company specializing in selling troubled properties to recoup money for lenders.
The property went up for auction in September.
Wharton's Isaac Massry said the investment group is still developing a budget and meeting with its design team over improvement plans to the center. Wharton is a 50 percent owner under the deal. There are four other limited liability companies that own stakes ranging from 5.4 percent to 19.6 percent.
Property records show the previous owner of Rockvale had a $92.4 million mortgage on it. The county lists an assessed value of $48.6 million on the deed record and a fair market value of about $66.2 million.
Massry's company also owns the Manor Shopping Center, a Lancaster County retail center anchored by Weis Markets and Regal Cinemas, which it bought in 2014 for $35 million.