{"id":1004732852,"date":"2024-10-14T02:53:40","date_gmt":"2024-10-14T10:53:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004732852"},"modified":"2024-10-14T05:39:06","modified_gmt":"2024-10-14T13:39:06","slug":"chase-properties-expands-retail-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chase-properties-expands-retail-portfolio\/","title":{"rendered":"Chase Properties Expands Retail Portfolio"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Waynesboro_123-1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1513\" height=\"1135\" data-attachment-id=\"1004732853\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/chase-properties-expands-retail-portfolio\/waynesboro_123-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Waynesboro_123-1.jpg\" data-orig-size=\"1513,1135\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Waynesboro-Chase-Properties\" data-image-description=\"&lt;p&gt;Property at 821 Town Center Drive, Waynesboro, Va.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Waynesboro Town Center is the sole national retail provider within 25 miles. Image courtesy of Chase Properties&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Waynesboro_123-1.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Waynesboro_123-1.jpg\" alt=\"Aerial shot of Waynesboro Town Center in Virginia. \" class=\"wp-image-1004732853\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Waynesboro_123-1.jpg 1513w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Waynesboro_123-1.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Waynesboro_123-1.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Waynesboro_123-1.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1513px) 100vw, 1513px\" \/><\/a><figcaption class=\"wp-element-caption\">Waynesboro Town Center is the sole national retail provider within 25 miles. <em>Image courtesy of Chase Properties<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Chase Properties has purchased two retail assets totaling 350,810 square feet. The acquisitions include a 180,000-square-foot shopping center in Ithaca, N.Y., and a 170,810-square-foot retail hub in Waynesboro, Va.<\/p>\n\n\n\n<p>The purchases align with the company\u2019s approach of owning retail assets in secondary and tertiary markets, said in prepared remarks Andrew Kline, the co-CEO of Chase Properties.<\/p>\n\n\n\n<p>Dubbed Creekside Plaza, the New York retail center came online in 2001 and was 95 percent leased at the time of sale. Anchor tenants at the property include Barnes &amp; Noble, Dick\u2019s Sporting Goods and O\u2019Reilly Auto Parts.<\/p>\n\n\n\n<p>Located at 614-722 S. Meadow St., the property is 1 mile from downtown Ithaca while Syracuse, N.Y., is roughly 57 miles northeast. There are more than 50,000 residents across upward of 19,200 households within a 3-mile radius.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-owners-gain-leverage-in-jll-report\/\">Retail Owners Gain Leverage<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Completed in 2007, Waynesboro Town Center was 98 percent leased at the time of closing. PetSmart, Ross Dress for Less, Burlington and Michaels are part of the tenant roster. Target and Kohl\u2019s shadow anchor the property.<\/p>\n\n\n\n<p>Carrying the address 821 Town Center Drive, the retail hub is some 4 miles from downtown Waynesboro and about 98 miles northwest of Richmond, Va. North of 20,000 residents across more than 8,200 households may be found within 3 miles.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-open-air-retail-keeps-investors-engaged\">Open-air retail keeps investors engaged<\/h2>\n\n\n\n<p>The <a href=\"https:\/\/www.commercialsearch.com\/news\/shopping-changed-dramatically-retail-design-is-one-step-ahead\/\">flight-to-quality in retail<\/a> will persist as people turn to urban live, work &amp; play centers, according to a Cushman &amp; Wakefield report. However, suburban open-air shopping centers have garnered\u2014and will continue to do so\u2014the <a href=\"https:\/\/www.commercialsearch.com\/news\/first-half-investor-darlings\/\">attention of investors<\/a>.<\/p>\n\n\n\n<p>Rent growth remained moderate in the third quarter, as the national figure registered a 3.4 percent increase over a 12-month period, according to the report. The vacancy rate stood a 5.4 percent, a historic low for the retail sector.<\/p>\n\n\n\n<p>Last month, Sterling Organization <a href=\"https:\/\/www.commercialsearch.com\/news\/sterling-organization-buys-1-msf-retail-portfolio\/\">purchased a 994,000-square-foot shopping center<\/a> portfolio for $180.5 million. SITE Centers disposed of the three open-air assets located throughout Atlanta, Washington, D.C., and metro San Antonio.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The two assets are in secondary and tertiary markets.<\/p>\n","protected":false},"author":3471,"featured_media":1004732853,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,10,21749],"tags":[43610],"class_list":["post-1004732852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-northeast","category-retail","tag-chase-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chase Properties Expands Retail Portfolio - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Chase Properties bought Creekside Plaza and Waynesboro Town Center. 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