Agora Commercial Buys Pennsylvania Retail Center
JLL brokered the deal on behalf of the seller, Heidenberg Properties.
Agora Commercial has purchased Mount Pocono Plaza, a 195,735-square-foot shopping center in Mt. Pocono, Pa. Heidenberg Properties sold the asset for $17 million, with the assistance of JLL.
Weis anchors the asset that was 90 percent leased at the time of sale. Other tenants at the property include Dollar Tree, Ollie’s Bargain Outlet, Planet Fitness, McDonald’s, Wells Fargo, Subway, GameStop and Harbour Freight.
The shopping center occupies a 19.5-acre site at 3236 Route 940. The property is surrounded by resorts that attract millions of visitors per year, such as Kalahari Resorts, Convention Center and Camelback Mountain Resort.
The JLL Capital Markets team led by Managing Director Colin Behr, Senior Managing Directors Jim Galbally and Christopher Munley represented the seller.
Redeveloping retail assets
Heidenberg Properties COO Jason Lazar said in prepared remarks that Mount Pocono Plaza was one of the four former Sears/Kmart properties that the company redeveloped. Heidenberg had acquired the Mt. Pocono shopping center in 2013 and the on-site, 84,000-square-foot Kmart closed in 2015.
Keeping up with the constantly evolving nature of the retail sector, more and more owners are considering redevelopment options that may include the conversion of indoor malls to open-air, mixed-use centers or the addition of multifamily components.
Recently, Fernmoor Homes announced plans for the $100 million redevelopment of a 581,462-square-foot retail center in Lancaster, Pa. The new owner intends to demolish 265,198 square feet of vacant commercial space and replace it with more than 400 apartments.