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Lowe's ground lease sold in East Lancaster

A private investor has bought the ground lease of a Lowe’s
home improvement center that recently opened off Route 30 in Lancaster.

A private investor has bought the ground lease of a Lowe’s home improvement center that recently opened off Route 30 in Lancaster.

The lease cost $10.2 million; it runs for 20 years with six
five-year options, said Bill Comp of Wilson-Comp Associates in Hackensack, N.J.

The deal makes the unnamed investor Lowe’s landlord. Lowe’s
will pay $800,000 a year in rent, according to the Lancaster New Era.

Comp co-brokered the deal with Joey Odom of Stan Johnson Co. of Tulsa, Okla. Odom represented the seller, Pennsylvania Real Estate
Investment Trust
, which developed the property.

Comp declined to name the buyer, but said it was a long-term
client.

The 16-acre property at 1845 Hempstead Road is the site of a
117,000-square-foot Lowe’s that opened this summer. The land is part of a
larger 26-acre parcel that PREIT bought for $8 million, according to the New
Era. A Best Buy opened there in October.

“It’s a very solid long-term investment,” Comp said of the
lease.

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