Camp Hill Shopping Center sells for $90M to GSD CampHill Pradsavi Group

Paula Wolf / Contributing Writer//June 23, 2021

Camp Hill Shopping Center sells for $90M to GSD CampHill Pradsavi Group

Paula Wolf / Contributing Writer//June 23, 2021

Camp Hill Shopping Center sold for approximately $90 million, Institutional Property Advisors, a division of Marcus & Millichap, announced Wednesday.

The 430,198-square-foot shopping center is at 3301 Trindle Road in Camp Hill. Brad Nathanson, senior managing director of Institutional Property Advisors, said in a release that it’s 96% occupied and anchored by a top-performing Giant supermarket, which leases almost 93,000 square feet.

Nathanson represented the seller, Cedar Realty Trust, headquartered in Port Washington, New York, and identified the buyer, GSD CampHill Pradsavi Group LLC, of Harrisburg. Marcus & Millichap Capital Corp. arranged the debt on behalf of the buyer.

According to its website, Cedar Realty Trust Inc. is a real estate investment trust that mostly specializes in the ownership and operation of grocery-anchored shopping centers along the densely populated Washington, D.C.,-to-Boston corridor. Excluding properties treated as held for sale, its portfolio consists of 53 properties, with approximately 7.6 million square feet of gross, leasable area.

Locally, those properties include Colonial Commons, Harrisburg; Fairview Commons, New Cumberland; Golden Triangle, Lancaster; Halifax Plaza; Meadows Marketplace, Hummelstown; Palmyra Shopping Center; The Point, Harrisburg; Northside Commons, Campbelltown; and Newport Plaza.

Cedar Realty Trust will be retaining property management of Camp Hill Shopping Center, which has 25 stores, according to MallsinAmerica.com. Among the other tenants there are Boscov’s, Staples, Five Below, Barnes & Noble Booksellers and LA Fitness.

“Anchor sales for Camp Hill are some of the best within their respective chains, which lead to the historical high retention of tenancy,” Nathanson said in the release. “Camp Hill Shopping Center is arguably the best-located and tenanted shopping center within all of Central Pennsylvania, led by market-share leading Giant … in their flagship store.”

Marcus & Millichap noted that the shopping center is at the “pinnacle hub” of Routes 15 and 11 on the western shore of Harrisburg, “within a node of affluency in a high-growth market where substantial industrial development over the past 10 years has made it one of the top corridors in the United States.”

Nathanson said the demand for dominant grocery-anchored shopping centers is skyrocketing nationally, “given the rebound in the markets post-COVID and the attractive debt markets.”