CBRE Group, Inc. (CBRE) is pleased to announce that it has brokered the sale of the partnership interests in High Pointe Commons, a 354,789 square-foot regional community shopping center located off Interstate 283 in Harrisburg, Pennsylvania for a purchase price of $33,800,000.
Built in 2006 and expanded in 2008, High Pointe Commons is anchored by a 124,714 square-foot Target and a 98,289 square-foot off-mall JCPenney, both of which were not included in the sale. Included in the purchase was 131,796 square-feet of retail space anchored by Christmas Tree Shops, Chili’s, Famous Footwear, Lane Bryant, Sleepy’s, and a newly constructed 13,205 square-foot Petco, which will be opening this fall. CBRE’s Brad Nathanson represented the seller, a joint venture between High Real Estate Group LLC and CBL & Associates Properties, Inc.. The purchaser was Unison Realty Partners out of Boston, MA. CBRE’s Thomas Gorman represented the purchaser in arranging the financing for the acquisition.
Nathanson says, “High Pointe Commons represents some of the highest quality construction and aesthetics of a shopping center within all of central Pennsylvania contributing to capturing a best of class tenancy. Ownership was ahead of their time in 2005 by developing one of the first off-mall JCPenney locations, which has been a major success with the recent addition of Sephora and Disney stores within the store. High Pointe Commons is well positioned along one of the busiest interstate connectors in all of central Pennsylvania, fronting Interstate 283. Interstate 283 brings retail customers from Route 322, from Hershey to the east, as well as Interstate 76 to the south and Interstate 83 from Harrisburg CBD. With high historical occupancy and the recent addition of Petco on one of the last pad sites at the property, the superior location will allow the new ownership to continue with success driven by a high volume Target.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
