Shopping center

Institutional Property Advisors is arranging the $90 million sale of Camp Hill Mall near Harrisburg, Pennsylvania

Camp Hill, Pennsylvania — Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the $90 million sale of Camp Hill Mall. The property is located at 3301 Trindle Road in the borough of Camp Hill, approximately three miles from Harrisburg.

The 430,198 square foot center was 96% leased at the time of the sale to tenants including Giant Food Markets, Boscov’s Department Store, Staples, Five Below, Barnes & Noble and LA Fitness.

IPA’s Brad Nathanson represented the seller, Cedar Realty Trust (NYSE: CDR), and identified the buyer, GSD CampHill Pradsavi Group LLC, in the transaction. Marcus & Millichap also arranged the financing on behalf of the buyer. Cedar Realty Trust will retain management of the property.

“There is tremendous demand for dominant grocery-anchored malls nationwide, given the post-COVID-19 market rebound and attractive debt markets,” Nathanson says. “Demand is outstripping supply for premium, high-performing assets like Camp Hill Mall.”

Cedar Realty Trust is a real estate investment trust (REIT) focused on owning, operating and redevelopment of grocery-anchored shopping centers in urban markets from Washington, DC to Boston. The Port Washington, New York-based company’s stock price closed Wednesday, June 23, at $16.61 per share, down from $6.74 on the same date last year.

—Katie Sloan