LANCASTER, PA. — Fernmoor Homes has purchased The Shops @ Rockvale, a 581,462-square-foot retail power center located about 80 miles west of Philadelphia in Lancaster, with plans to undertake a multifamily redevelopment. The New Jersey-based multifamily developer intends to demolish 265,198 square feet of commercial space and construct a 13-building, 416-unit apartment community at the 63-acre site. Brad Nathanson, David Crotts and Dean Zang of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, New Jersey-based Wharton Realty Group, in the transaction. The trio also procured Fernmoor Homes, which purchased the property for $30.5 million, as the buyer. At the time of sale, The Shops @ Rockvale was home to 40 retailers and restaurants, including Carter’s, Crate & Barrel Outlet, Olive Garden and Cracker Barrel. The redevelopment is valued at approximately $100 million and could take up to five years to complete.
Fernmoor Homes plans to demolish about 40 percent of the existing commercial space at The Shops at Rockvale in Lancaster, Pennsylvania, and add about 416 apartments in its place.
Fernmoor Homes Buys 581,462 SF Power Center in Lancaster, Pennsylvania, Plans Multifamily Redevelopment
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