Dealmaker: IPA Brokers $31M Regional Outlet Center Sale

(The Shops @ Rockvale, Lancaster, Pa.)

Institutional Property Advisors, Calabasas, Calif., sold The Shops @ Rockvale, a 581,462-square-foot regional outlet center in Lancaster, Pa., for $30.5 million.

IPA Senior Managing Director Brad Nathanson, IPA director David Crotts and IPA Executive Managing Director Dean Zang executed the transaction for seller Wharton Realty Group, Eatontown, N.J., and secured buyer Fernmoor Homes, Jackson, N.J.

Occupying 63 acres along Route 30 in Lancaster’s tourism corridor, The Shops @ Rockvale houses more than 40 retailers, including Crate & Barrel Outlet, Disney, Olive Garden and Cracker Barrel. Fernmoor Homes said it plans to add 416 rental apartments in 13 four-story buildings by demolishing 265,198 square feet of commercial space in the shopping center to create a modern mixed-use community. The company noted the property’s redevelopment could take up to five years with an estimated $100 million price tag.

“Major value-add opportunities like Rockvale are in tremendous demand with investors right now,” Nathanson said.