Westfall Town Center at 111 Hulst Drive in Matamoras, Pennsylvania — Courtesy: Larken Associates
By Joshua Burd
Larken Associates has acquired a grocery-anchored shopping center just outside Sussex County, adding more than 200,000 square feet to its retail holdings in the region.
Known as Westfall Town Center, the property at 111 Hulst Drive in Matamoras, Pennsylvania sits just across the New Jersey border and just south of Port Jervis, New York. Branchburg-based Larken announced the deal Tuesday, noting that the 203,907-square-foot complex is anchored by a new 73,000-square-foot ShopRite and a 25,000-square-foot TJ Maxx.
Terms were not disclosed.
“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.”
In a news release, the firm said Westfall Town Center is within a 15-minute drive of more than 100,000 residents with an average household income of $95,663. The shopping center is also located along Matamoras’ retail corridor featuring a nearby Lowes, Home Depot and Walmart Superstore.
Other tenants at Westfall include Planet Fitness, Dollar Tree and a movie theater operated by Flagship Cinemas, a chain with theaters throughout Maine, Maryland, New Jersey, New York and Pennsylvania.
“Finding success in today’s retail market requires an unmatched level of local market knowledge paired with deep expertise in leasing and property management,” said David Iacobucci, Larken’s chief investment officer. “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.”
