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LS Property Investments Acquires 101,651-Square-Foot Grocery-Anchored Retail Property In Allentown, Pennsylvania For $17.8M

Property Image
SOLD
$17,800,000
JP Colussi
Brad Nathanson
VJ
+ 1

Pennsylvania

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Retail101,651 SF
Sold 12/04/2023
the dealplayerscompscontact
Property Image
SOLD

LS Property Investments Acquires 101,651-Square-Foot Grocery-Anchored Retail Property In Allentown, Pennsylvania For $17.8M

3227 Hamilton Boulevard

See Similar Deals
Retail101,651 SF
Sold 12/04/2023
JP Colussi
Brad Nathanson
VJ
+ 1
the dealplayerscompscontact
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Summary

PENNSYLVANIA
Asset Type:Retail
Price Per Square Foot:$175
Total Square Footage:101,651 SF
Transaction Type:Sale

A grocery-anchored shopping center in Allentown, Pennsylvania, has been sold for $17,800,000. The property is located at 3227 Hamilton Boulevard and spans 101,651 square feet. The transaction took place on December 4, 2023. LS Property Investments, represented by Suresh Kagithapu, acquired the property from Joshi Hotel Group, represented by Vikas Joshi.

Summary of transaction details

The shopping center is situated in a high-growth submarket near Dorney Amusement Park, attracting significant nationwide interest in the property. IPA, representing the seller, Joshi Hotel Group, successfully secured the buyer, LS Property Investments.

Players

Brad Nathanson
Institutional Property Advisors
Brad Nathanson
15 deals$488.2M volume(215) 531-7000
BROKER
JP Colussi
Institutional Property Advisors
JP Colussi
10 deals$244.5M volume
BROKER
SK
Suresh Kagithapu
2 deals$35.6M volume
BUYER
SK
Suresh Kagithapu
2 deals$35.6M volume
BUYER
VJ
Vikas Joshi
2 deals$35.6M volume
SELLER

Details

SOLD
IMAGE: Suresh Kagithapu, Brad Nathanson & JP Colussi DATE: 12/04/2023 ADDRESS: 3227 Hamilton Boulevard MARKET: Allentown ASSET TYPE: Retail BUYER: LS Property Investments - Suresh Kagithapu SELLER: Joshi Hotel Group - Vikas Joshi BROKERS: Brad Nathanson & JP Colussi - Institutional Property Advisors - Marcus & Millichap (@MarcusMillichapinc) SALE PRICE: $17,800,000 SF: 101,651 ~ PPSF: $175 NOTE: Shopping Center, a 101,651-square-foot grocery-anchored shopping center in Allentown, Pennsylvania. Located in a high-growth submarket near Dorney Amusement Park, the property drew significant national interest, with IPA representing the seller, Joshi Hotel Group, and securing the buyer, LS Property Investments.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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