Chase Properties Expands Retail Portfolio
The two assets are in secondary and tertiary markets.
Chase Properties has purchased two retail assets totaling 350,810 square feet. The acquisitions include a 180,000-square-foot shopping center in Ithaca, N.Y., and a 170,810-square-foot retail hub in Waynesboro, Va.
The purchases align with the company’s approach of owning retail assets in secondary and tertiary markets, said in prepared remarks Andrew Kline, the co-CEO of Chase Properties.
Dubbed Creekside Plaza, the New York retail center came online in 2001 and was 95 percent leased at the time of sale. Anchor tenants at the property include Barnes & Noble, Dick’s Sporting Goods and O’Reilly Auto Parts.
Located at 614-722 S. Meadow St., the property is 1 mile from downtown Ithaca while Syracuse, N.Y., is roughly 57 miles northeast. There are more than 50,000 residents across upward of 19,200 households within a 3-mile radius.
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Completed in 2007, Waynesboro Town Center was 98 percent leased at the time of closing. PetSmart, Ross Dress for Less, Burlington and Michaels are part of the tenant roster. Target and Kohl’s shadow anchor the property.
Carrying the address 821 Town Center Drive, the retail hub is some 4 miles from downtown Waynesboro and about 98 miles northwest of Richmond, Va. North of 20,000 residents across more than 8,200 households may be found within 3 miles.
Open-air retail keeps investors engaged
The flight-to-quality in retail will persist as people turn to urban live, work & play centers, according to a Cushman & Wakefield report. However, suburban open-air shopping centers have garnered—and will continue to do so—the attention of investors.
Rent growth remained moderate in the third quarter, as the national figure registered a 3.4 percent increase over a 12-month period, according to the report. The vacancy rate stood a 5.4 percent, a historic low for the retail sector.
Last month, Sterling Organization purchased a 994,000-square-foot shopping center portfolio for $180.5 million. SITE Centers disposed of the three open-air assets located throughout Atlanta, Washington, D.C., and metro San Antonio.
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