MILLSBORO — An Ohio-based mall owner and operator has acquired Peninsula Crossing, an outdoor mall in Millsboro.
Hunting propertiesa Beachwood, Ohio-based company announced the acquisition on May 2 but did not disclose an acquisition price.
Sussex County land records do not reflect a recent change in ownership of the property off Centerview Drive, which lists G&I VIII Peninsula LLC, a subsidiary of New York-based real estate investment firm DRA Partners, as than owner. Andy Kline, co-CEO of Chase Properties, confirmed to the Delaware Business Times that his company acquired the LLC property, avoiding the need for a deed transfer.
Chase is a full-service owner and operator of shopping centers located in 19 states in the Midwest, South and East of the United States. Founded in 1973, it owns and manages shopping centers with an area of more than 7.3 million square feet. However, Peninsula Crossing is its first asset in Delaware.
“Our strategy is to acquire dominant shopping centers in smaller markets. We believe Peninsula fits this strategy with the strength and pulling power of BJ’s, Lowe’s, Aldi and Petsmart, as well as other stores and restaurants,” Kline told DBT about the acquisition. “Ideally, we would like to leverage this acquisition to acquire more mid-Atlantic.”
Chase was “able to capitalize on this off-market opportunity through a strong relationship with the seller [DRA Partners]“, according to the announcement of the sale.
The mall, which is anchored by BJ’s Wholesale Club and PetSmart stores, has become something of a staple in coastal Delaware. Last year, the $26.03 million sale of DRA Partners’ BJ’s Wholesale Club to Dallas-based public real estate investment firm Spirit Realty ranked first in the state. 10th biggest trade saleand largest retail.
Chase Properties has acquired a mall rampart outside BJ’s wholesale property, including the PetSmart location, the site of an Aldi grocery store slated to open this year, and a mall on the north side.