By Chris Reber, LNP, Lancaster, Pa. (TNS)
A Giant-anchored shopping center in West Hempfield Township has been bought by a partnership led by local investor Joseph Deerin for $10.76 million.
The Shops at Prospect, 3985 Columbia Ave., was sold in September to Deerin’s group, Prospect Road Partners LLC, according to a deed recorded in the county courthouse.
The new owner’s plans include landscape and facade improvements and finding tenants for vacant stores, according to one of the real estate agents who represented the buyer and is marketing the property.
“It’s a grocery-anchored retail investment property, which is sought after in the investment world — and it’s in Lancaster County, which is very difficult to get assets in,” said Brad Rohrbaugh of Bennett Williams Commercial Real Estate.
The 63,392-square-foot shopping center near the Prospect Road exit of Route 30 is about 90% occupied.
In addition to Giant, tenants are Penn State Health Medical Group, T-Mobile, Holiday Hair, Hillcrest Pharmacy, Columbia Family Restaurant and China Inn.
There is 5,294 square feet of retail space for rent, which Rohrbaugh said could be divided among one to three tenants.
Wendy’s and U-Haul Moving & Storage are next to the plaza, but have different owners.
The previous owner, New York-based Brixmor GA Shops at Prospect LP, purchased the property in 2005 for $8.6 million. Before Giant became the anchor tenant, it was Musser’s Market, and before that was Redner’s Warehouse Markets.
Deerin’s other properties include the Foundry Apartments, PA CareerLink and the Lancaster Lebanon Habitat for Humanity ReStore, all in Manheim Township. In May, he bought Stumpf Field, which was once the home of minor league baseball in Lancaster County.