Wegmans-anchored Silver Spring Square soldOld Navy signs lease to occupy former Office Max space in center
Silver Spring Square, a large shopping center anchored by Wegmans in Silver Spring Township, has a new owner.
Ohio-based DDR Corp. has sold the large Cumberland County shopping center to The Wilder Companies, a privately held Boston-based retail real estate firm, in partnership with an institutional real estate fund. Terms of the deal were not disclosed.
The deal includes 342,600 square feet of commercial real estate, including the 126,240-square-foot Wegmans store.
Silver Spring Square, which opened in 2007 on the site of a former speedway and mobile home park, has a long list of national retailers, including Best Buy, Ross, Bed Bath & Beyond, Petco, Lane Bryant and Ulta, among others. There also are seven pad sites with Advance Auto Parts, Longhorn Steakhouse, Chili's, PNC Bank, Chick-fil-A, Panera Bread and Wells Fargo.
The entire center on the Carlisle Pike is 568,977 square feet. That total includes stores owned and occupied by Target and Kohl's, which were not part of the deal, according to CBRE Group. CBRE represented the seller and found the buyer.
At the time of the deal, which closed Tuesday, according to CBRE, the center was 98 percent occupied. That includes a new lease with Old Navy, who will occupy 12,295 square feet in a former Office Max store. Old Navy recently closed its store at the Capital City Mall to make room for a Dave & Buster's.
"Silver Spring Square fits perfectly into our acquisition platform targeting dominant grocery-anchored centers throughout the East Coast," said Shelley Anderson, director of new business development at Wilder. The firm has developed, managed and leased more than 20 million square feet of retail properties throughout the East Coast and Puerto Rico.
CBRE's team of Brad Nathanson and John Colussi worked on the deal.