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