JONES LANG LASALLE INCORPORATED

(JLL)
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Delayed Nyse  -  04:00 2022-07-01 pm EDT
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Jones Lang LaSalle Incorporated : Southern Pennsylvania dominant super-regional retail center sells

05/25/2022 | 12:37pm EDT

PHILADELPHIA, May 23, 2022 -JLL Capital Markets announced today that it has closed the sale of West Manchester Town Center, a 488,037-square-foot, dominant, destination power center located in the southern Pennsylvania community of York.

JLL marketed the property on behalf of the seller. ATR Corinth Partners. A Paramount Realty JV acquired the asset.

West Manchester Town Center is anchored by Kohl's, At Home, HomeGoods, Hobby Lobby, Burlington and a best-in-class multi-national discount department store as a shadow anchor. Formerly operating as an enclosed mall, which opened in 1981, the property was completely redeveloped in 2014 to create the burgeoning super-regional retail destination it is today.

Positioned on 94.1 acres at 415 Town Center Dr., West Manchester Town Center is positioned on an irreplaceable location within the greater York Market. The property is favorably situated in an in-fill location, with excellent roadway visibility and connectivity, with limited big box vacancy and significant demand drivers. The center drew more than 4.2 million customer visits over the last year, making it the No. 2 most-visited open-air shopping center within a 15-mile radius.

"We at ATR Corinth are excited about the redevelopment of West Manchester Town Center into a dynamic retail center that will serve the community for decades," said ATR Corinth Partner Tony Ruggeri. "As with any project of this size, we would like to thank the officials at West Manchester Township, the Redevelopment Authority of York County and the residents of the township and county for their support in this transformation."

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Chris Munley and James Galbally and Senior Director Colin Behr.

"ATR Corinth did a phenomenal job executing the redevelopment by curating a dominant super-regional retail center with best-in-class anchor tenants and a complementary lineup emphasizing contemporary retail uses," Munley said. "We are excited to watch the Paramount Realty team continue to add value through future development, expansion of the property's retail footprint and lease-up potential."

"We have seen renewed demand for best-in-class power centers over the last 24 months, which speaks to the positive macro performance of big box retailers as we exited the pandemic," Behr added. "With an extremely competitive bid process, West Manchester is a perfect example of this ongoing trend."

"We continue to see strong demand for retail assets throughout Central Pennsylvania due to the strong market fundamentals and attractive risk adjusted returns," Galbally said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

Disclaimer

Jones Lang LaSalle Inc. published this content on 23 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2022 16:10:45 UTC.


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Financials (USD)
Sales 2022 10 269 M - -
Net income 2022 970 M - -
Net cash 2022 755 M - -
P/E ratio 2022 9,50x
Yield 2022 -
Capitalization 8 988 M 8 988 M -
EV / Sales 2022 0,80x
EV / Sales 2023 0,75x
Nbr of Employees 98 200
Free-Float 94,6%
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Last Close Price 181,17 $
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Christian Ulbrich President, Chief Executive Officer & Director
Karen Brennan Chief Financial & Investment Officer
Siddharth N. Mehta Chairman
Allan Frazier Global Chief Information Officer
Benjamin Breslau Chief Research Officer
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