CBRE announced today that it has successfully arranged for the sale of Silver Spring Square, a 342,600 square-foot dominant grocery anchored community center located on Route 11 in Mechanicsburg, Cumberland County, Pennsylvania.
The CBRE team of Brad Nathanson, executive vice president, and John Colussi, sales associate, negotiated on behalf of the seller,DDR Corp, and identified the buyer, The Wilder Companies, in partnership with an institutional real estate fund.
Built in 2007, this shopping centerhosts a substantial amount of the industry leaders andnational tenants, anchored by a 126,240-square foot Wegmans Supermarket.This is Wegmans only store serving the greater Harrisburg MSA. The property is shadow-anchored by a 139,377-square foot Target and an87,000 square foot Kohl’s, bringing the contiguous square footage of this destination retail center to 568,977 square feet. The grocer and anchor tenants are complemented by major national retailers including Best Buy, Ross, Bed Bath & Beyond, Petco, Lane Bryant and Ulta, as well as seven additional pads sites with Advance Auto Parts, Longhorn Steakhouse, Chilis, PNC, Chick-Fil-A, Panera Bread and Wells Fargo, making Silver Spring Square a one-stop shopping destination for the customer base that lives and works on the Western Shore of Harrisburg. The property is 98 percent occupied as of closing including a recent new lease with Old Navy in 12,295 square feet, that will be occupying a portion of the former Office Max space, continuing to provide an exciting shopping experience to the greater Western Shore.
“Silver Spring Square fits perfectly into our acquisition platform targeting dominant grocer-anchored centers throughout the East Coast,” said Shelley Anderson, Director of New Business Development at Wilder. “We are excited to reestablish our expertise in the Pennsylvania market.”
Silver Spring Square is located along Carlisle Pike (Route 11), approximately 10 miles west of the Pennsylvania state capital of Harrisburg. This submarket has seen incredible growth in retailer distribution centers / industrial warehousingdue to its proximity to the I-78/I-81 corridor, which allows easy movement avoiding I-95 between major metropolitan areas like New York City, Baltimore, and Washington DC. This has driven the development of thousands of new residential homes to keep up with the growing demand of the areas well educated, affluent residents.With average household incomes exceeding $100,000 and continued growth in employment seen by not only the industrial developments but Deloitte Consulting building a campus nearby on Route 11, Mechanicsburg remains to be destination spot for the very top tier retailers wanting a regional presence in serving the greater Harrisburg MSA.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 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.
About Wilder
Wilder is a Boston-based real estate development, management, and leasing firm specializing in the positioning of retail properties. Privately held and owner managed, Wilder has developed, managed, and leased over 20 million square feet of retail properties throughout the United States and Puerto Rico. The Company has a diverse portfolio of properties throughout the East Coast including Arsenal Yards, Watertown, MA and Garden City Center in Cranston, RI. Wilder currently has an acquisition platform seeking dominant retail properties and redevelopment opportunities throughout the East Coast.
