Larken Associates added a 203,907-square-foot grocery-anchored shopping center to its portfolio.
On Jan. 10, the Branchburg-based company announced it acquired Westfall Town Center, located at 111 Hulst Drive in Matamoras, Pa.
The complex is anchored by a new, 73,000-square-foot ShopRite and a 25,000-square-foot TJ Maxx.
“We are very excited about this recent off-market purchase in Pike County as it fits perfectly within our strategy to acquire well-located retail centers with value-add potential,” said Victor Kelly, executive vice president of Raider Realty, the in-house brokerage division of Larken Associates. “We look forward to continuing the repositioning and renovation program begun by the prior owner and holding the asset for appreciation and long-term cash flow.”
Situated just across the border from New Jersey and New York, Westfall Town Center is located along Matamoras’ retail corridor, according to Larken, home to more than 106,000 people with an average household income of $95,663 within a 15-minute drive.
“Finding success in today’s retail market requires an unmatched level of local market knowledge paired with deep expertise in leasing and property management,” Larken Associates Chief Investment Officer David Iacobucci said in a statement. “We take immense pride in our time-tested ability to identify and acquire retail properties that possess both strong in-place tenancy and long-term value creation opportunities.
“We look forward to continuing to add similar assets to our portfolio over the year to come,” he added.
Additional tenants at the property include Planet Fitness, Dollar Tree and Flagship Cinemas; a Wendy’s and Perkins Restaurant are also situated on two outparcels at the center.
According to Larken Associates, Westfall Town Center has 15,913 square feet of warehouse space available for lease.