Trending
DUNCANSVILLE -- The Holliday Towne Center shopping center has been sold.
The 83,122-square foot community shopping center at 221 Glimcher Drive has been sold by RPAI to Fort Wayne, Ind.-based Equity Investment Group, according to CBRE -- the world's largest commercial real estate services and investment firm -- which arranged for the sale.
Built in 2003, Holliday Towne Center is anchored by a 54,322-square-foot Martin's Food Market. Other tenants include Dollar Tree, Domino's Pizza and Holiday Hair, among others.
Equity Investment Group Inc. is a diversified, private investment and holding company with three decades of investing in and managing commercial real estate and operating businesses.
EIG has hired Bob Varner, broker of Pennswood Commercial Realty, Altoona, to help fill the vacant spaces.
"We believe there is about 15,000 square feet of vacant space. We want to be open-minded. We hope to make some deals. We are super impressed with Martin's; they bring in a lot of traffic, which will benefit us," said Bob Sutton, an EIG principal and chief investment officer.
Varner is optimistic he will be able to fill the vacant space. He said Martin's should help attract others to the center.
"Out of the four Martin's stores in the market, this one is arguably the No. 1 performer. The new owners are more flexible as it relates to rent, and their goal is to fill the space and create occupancy. One of our first goals is to expand one of the discount stores (Dollar Tree) there," Varner said.
The shopping center was 81 percent occupied during the time of sale.
"Holliday represents what the investor universe is seeking today -- a value-add mature shopping center anchored by the market share leading dominant grocery store complimented by the largest dollar store chain in the country. We are still finding strong demand for our offerings that include a grocery store, whether in secondary or primary trade markets," said CBRE team member Adam Rosenzweig in a statement.
Mirror Staff Writer Walt Frank is at 946-7467.