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| West Manchester Town Center, York, PA |
PHILADELPHIA, PA – JLL Capital
Markets announced today that it has closed the sale of West
Manchester Town Center, a 488,037-square-foot, dominant, destination power
center located in the southern Pennsylvania community of York. The price was
undisclosed.
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Anthony T. (Tony) Ruggeri
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JLL marketed the property on behalf
of the seller. ATR Corinth Partners. A Paramount Realty JV acquired
the asset.
West Manchester Town Center is anchored by Kohl’s, At
Home, HomeGoods, Hobby Lobby, Burlington and a best-in-class multi-national
discount department store as a shadow anchor.
Formerly
operating as an enclosed mall, which opened in 1981, the property was
completely redeveloped in 2014 to create the burgeoning super-regional retail
destination it is today.
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| Chris Munley |
Positioned on 94.1 acres at 415 Town
Center Dr., West Manchester Town Center is positioned on an irreplaceable
location within the greater York Market.
.
The center drew more than 4.2 million customer visits over the last year,
making it the No. 2 most-visited open-air shopping center within a 15-mile
radius.
“We at ATR Corinth are excited about the
redevelopment of West Manchester Town Center into a dynamic retail center that
will serve the community for decades,” said ATR Corinth Partner Tony
Ruggeri.
“As
with any project of this size, we would like to thank the officials at West
Manchester Township, the Redevelopment Authority of York County and the
residents of the township and county for their support in this transformation.”
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James Galbally
|
The JLL Capital Markets team representing the
seller was led by Senior Managing Directors Chris Munley and James
Galbally and Senior Director Colin Behr.
“ATR Corinth did a phenomenal job executing the
redevelopment by curating a dominant super-regional retail center with
best-in-class anchor tenants and a complementary lineup emphasizing
contemporary retail uses,” Munley said.
“We are excited to watch the Paramount
Realty team continue to add value through future development, expansion of the
property’s retail footprint and lease-up potential.”
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| Colin Behr |
“We have seen renewed demand for best-in-class
power centers over the last 24 months, which speaks to the positive macro
performance of big box retailers as we exited the pandemic,” Behr added.
“With
an extremely competitive bid process, West Manchester is a perfect example of
this ongoing trend.”
“We continue to see strong demand for retail
assets throughout Central Pennsylvania due to the strong market fundamentals
and attractive risk adjusted returns,” Galbally said.
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CONTACT:
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