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Uptown Plaza at 2915 7th St. in Harrisburg — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The longtime owner of a shopping center in Harrisburg, Pennsylvania, has sold the property for $4.6 million, in a deal arranged by The Kislak Co. Inc.
Brokers with the Woodbridge-based firm represented both parties in the transaction at 2915 7th St., the site of what’s known as Uptown Plaza. They noted that the 156,066-square-foot property, which was built in 1957 and sits on roughly 14 acres, consists of two long strips of stores and two pad sites in a quiet, residential neighborhood in northern Harrisburg, serving as the only shopping center in the immediate vicinity.
Kislak President Robert Holland represented the seller, Town Associates LP, while Executive Vice President Barry Waisbrod procured the buyer, America’s Realty LLC, which is led by CEO and President Carl Verstandig. David S. Sellman of Sellman Hoff LLC was the attorney for Verstandig and his team.
“The purchaser is a retail acquisition firm focusing on markets with a predominantly middle-income demographic and properties with value-add potential,” Waisbrod said. “They currently own in 29 states throughout the U.S., and this was a suitable acquisition for them given their investment criteria.”
With its one-story brick and block construction with glass and metal facades, Uptown Plaza has 30 tenants, including national retailers such as H&R Block, Metro PCS, McDonald’s and Save-a-Lot, with long-term tenancy at 60 percent occupancy at the time of sale. It’s also within walking distance of public transportation and is less than five minutes by car to Route 22 and Interstate 81, Kislak said, adding that it’s surrounded by high-density residential housing and is adjacent to a new government building with 900 employees.
“The seller is a longtime Kislak client for whom we have handled many other sales,” said Holland, who is marking his 40th year with the firm.
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