An undisclosed investor paid $15 million for the approximately 120,000-square-foot retail/office building at 6295 Allentown Blvd., Lower Paxton Township.

The Pennsylvania Association of Realtors reports that the median existing home sales price of homes sold dropped 11% from the previous month to $193,792 in December, which is nearly the same as it was a year ago. 

Rhoads Hallmark & Gift Shop in Hummelstown, owned by Dave and Jeanne Lutz for 49 years, has closed.

As interest rates rise, people holding low interest mortgages are staying put, reducing inventory and slowing the market. 

Rock Commercial Real Estate, with offices in York and Lancaster, reported $16 million in sales transactions and 435,234 square feet in lease transactions in the fourth quarter of 2022.

York-based Investment Real Estate, LLC (IRE) named Christopher Riley as president and COO of the Investment Real Estate Group of Companies (IREGC), effective Oct. 17, 2022. 

LANCASTER-based HDC MidAtlantic (HDC) has promoted Tammie Fitzpatrick to chief operating officer. 

The good news: In central Pennsylvania, the median renter is not yet cost burdened when it comes to housing costs, as defined by the latest census data.

Home sales have slowed considerably in central Pennsylvania as mortgage interest rates that are much higher than a year ago eat into housing affordability. 

While industrial sales volume has fallen to pre-pandemic levels in the Lancaster County commercial real estate market, office and retail activity are surprisingly strong.

The York County commercial real estate market showed signs of strong activity in the third quarter, although the once-frenetic pace has cooled.

Moving forward on several fronts, the mixed-use Shepherdstown Crossing development is taking shape in Cumberland County’s Upper Allen Township.

Formerly a mixed-use building and the home of the popular Capital Joe Coffee shop, the 3,728-square foot property at 416-418 Foster St. in Harrisburg will be converted into a single-family home. Chris Wilsbach of NAI CIR represented the seller in the transaction.

The Investment Real Estate Group of Companies, a full-service, self-storage real estate firm based in York, announced the move to its new headquarters at 320 N. George St. in downtown York.

Commercial real estate services firm Levin Management Corp. announced a pair of transactions at High Pointe Commons, a 325,000-square-foot regional shopping center in Swatara Township.