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New Jersey-based real estate investment firm acquires Summerdale Plaza
New Jersey-based real estate investment firm acquires Summerdale Plaza
Listen to this articleSummerdale Plaza, a 141,451-square foot retail shopping center at 429 N. Enola Road, East Pennsboro Township, Cumberland County was acquired by Red Bank, New Jersey-based First National Realty Partners.
BizNewsPA reported that the deal was for $17.25 million and that the seller was Willner Realty & Development, headquartered in Ardmore. Willner was represented by Institutional Property Advisors’ Brad Nathanson, a release said.
Featuring a Rite Aid, AutoZone, Dollar Tree and Tractor Supply, Summerdale Plaza is 85% occupied.
First National Realty Partners LLC is a “vertically integrated real estate investment firm focused on acquiring institutional quality commercial real estate throughout the United States,” according to the release.
The purchase of Summerdale Plaza adds to the company’s rapidly expanding portfolio.
“We are very excited to acquire Summerdale Plaza,” Matt Annibale, senior director of acquisitions at First National Realty Partners, said in the release. “The remaining vacancy in the center provides meaningful upside for our investors. The property also includes one of the top Pennsylvania Department of Transportation locations in the state, which helps drive traffic to the center.”
