{"id":1004638653,"date":"2023-01-09T13:01:02","date_gmt":"2023-01-09T21:01:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004638653"},"modified":"2023-01-10T06:20:25","modified_gmt":"2023-01-10T14:20:25","slug":"fernmoor-homes-buys-pennsylvania-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fernmoor-homes-buys-pennsylvania-retail-center\/","title":{"rendered":"$100M Redevelopment Eyed for Pennsylvania Retail Center"},"content":{"rendered":"
\"The<\/a>

The Shops @ Rockvale. Image courtesy of Institutional Property Advisors<\/p><\/div>\n

Fernmoor Homes <\/strong>has acquired The Shops @ Rockvale, a 581,462-square-foot regional outlet center in Lancaster, Pa. Institutional Property Advisors<\/strong>, a division of Marcus & Millichap<\/strong>, brokered the $30.5 million transaction on behalf of the seller, Wharton Realty Group<\/strong>, and procured the buyer.<\/p>\n

Situated at 35 S. Willowdale Drive, on approximately 63 acres, The Shops @ Rockvale hosts more than 40 retailers. Carter\u2019s, Crate & Barrel Outlet, Disney, Olive Garden and Cracker Barrel are among the property’s tenants. Located along Route 30, the retail center is less than 8 miles from downtown Lancaster.<\/p>\n

IPA Senior Managing Director Brad Nathanson, Director David Crotts and Executive Managing Director Dean Zang led the brokerage efforts on the transaction.<\/p>\n

Leveraging value-add opportunities<\/h2>\n

Fernmoor Homes will leverage the site’s existing value-add opportunities by executing a redevelopment plan. The new owner will add a residential component by demolishing 265,198 square feet of vacant commercial space in the shopping center. Plans call for 416 one-, two- and three-bedroom apartments, across 13 four-story buildings, on the backside of Rockvale Road. The multifamily community is set to also incorporate the East Lampeter Rail Trail.<\/p>\n

The company will submit its $100 million development plan to the East Lampeter Township this year, with a project completion slated for 2028. A clubhouse, a pool, a dog park, a fitness center, as well as walking trails, firepits and a picnic area are among the planned amenities at the upcoming residential community.<\/p>\n

Due to changing shopping habits and the rise of e-commerce, more and more retail owners and investors are interested in repurposing and redeveloping their existing space<\/a>. Some of these strategies include converting indoor malls to open-air, mixed-use centers or adding multifamily components, a process that is carefully tailored to each property’s unique characteristics.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fernmoor Homes plans to complete the makeover by 2028.<\/p>\n","protected":false},"author":3030,"featured_media":1004638654,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,10,21749],"tags":[35230,39155,34836],"class_list":["post-1004638653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-northeast","category-retail","tag-institutional-property-advisors","tag-ipa","tag-marcus-millichap"],"acf":[],"yoast_head":"\n$100M Redevelopment Eyed for Pennsylvania Retail Center - CPE<\/title>\n<meta name=\"description\" content=\"Fernmoor Homes has acquired The Shops @ Rockvale, a 581,462-square-foot regional outlet center in Lancaster, Pa.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/fernmoor-homes-buys-pennsylvania-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$100M Redevelopment Eyed for Pennsylvania Retail Center\" \/>\n<meta property=\"og:description\" content=\"Fernmoor Homes has acquired The Shops @ Rockvale, a 581,462-square-foot regional outlet center in Lancaster, Pa.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/fernmoor-homes-buys-pennsylvania-retail-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-09T21:01:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-10T14:20:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/The-Shops-@-Rockvale.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"688\" \/>\n\t<meta property=\"og:image:height\" content=\"515\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fernmoor-homes-buys-pennsylvania-retail-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/fernmoor-homes-buys-pennsylvania-retail-center\/\",\"name\":\"$100M Redevelopment Eyed for Pennsylvania Retail Center - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fernmoor-homes-buys-pennsylvania-retail-center\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fernmoor-homes-buys-pennsylvania-retail-center\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/The-Shops-@-Rockvale.jpg\",\"datePublished\":\"2023-01-09T21:01:02+00:00\",\"dateModified\":\"2023-01-10T14:20:25+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1e908d9381f3929d1d57f95e4db8c529\"},\"description\":\"Fernmoor Homes has acquired The Shops @ Rockvale, a 581,462-square-foot regional outlet center in Lancaster, Pa.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fernmoor-homes-buys-pennsylvania-retail-center\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/fernmoor-homes-buys-pennsylvania-retail-center\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fernmoor-homes-buys-pennsylvania-retail-center\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/The-Shops-@-Rockvale.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/The-Shops-@-Rockvale.jpg\",\"width\":688,\"height\":515,\"caption\":\"The Shops at Rockvale. 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