Larken Associates Acquires Pennsylvania Shopping Center

Westfall Town Center. Image courtesy of Larken Associates

Larken Associates has completed its acquisition of Westfall Town Center, a 203,907-square-foot shopping center located at 111 Hulst Drive in Mantamoras, Pa. Raider Realty, Larken’s brokerage division, facilitated the sale, which took place off-market.

Westfall Town Center was constructed in 1993 and is anchored by a 73,000-square foot ShopRite grocery store, which has occupied the building since 2021.

TJ Maxx, which opened its doors in June of 2022, is the space’s second-largest tenant, leasing 25,000 square feet. Other occupants include Flagship Cinemas, Dollar Tree and Planet Fitness. Additionally, the center has 15,913 square feet of vacant space. Situated along Pennsylvania Route 6, the complex is within the city’s sole retail corridor, which is helmed by Walmart, Lowes and Home Depot. The space is within 2 miles of the border with New York, with quick access to the nearby town of Port Jervis.

Raider Realty Executive Vice President Victor Kelly further detailed the purchase to Commercial Property Executive, speaking of both Larken’s numerous nearby investments, in addition to the location’s geographic and demographic strength. “Eastern Pennsylvania’s prime location and strong demographics make it a highly desirable retail market for us. We’ve already invested heavily in the area, including acquiring and upgrading properties in Berks, Carbon, Lehigh and Northampton Counties,” Kelly said.

Retail renaissance

Despite two years of restrictions, an imminent recession and a demand for space that exceeds supply pipelines, retail real estate nationwide has performed strongly, with brick-and-mortar, grocery-anchored shopping centers providing consumers with a distinct experience that e-commerce struggles to supplant.

According to a fourth quarter 2022 report from Cushman & Wakefield, in-store foot traffic exceeded 2019 levels in the final two weeks of December, with asking rents rising to $22.99 per square foot. The average vacancy rate stood at 5.7 percent and is projected to decrease further year-over-year, the same data shows.

Statewide, Pennsylvania has seen a strong performance in its retail sector, with Philadelphia undergoing 546,000 square feet of positive net absorption as of the third quarter, Cushman & Wakefield data shows. Recent retail headlines across the Keystone State include Kahn Development Corp. and J. Loew & Associates’ joint acquisition of Ashbridge Square, a 386,248-square foot power center in Downingtown, Pa. Triple Bar Properties Inc. also acquired Kendig Square, a 186,749-square-foot grocery-anchored complex in Willow Street, Pa.