President Robert Holland & E.V.P. Barry Waisbrod Arrange Exclusive Sale of 156,066 S.F. Shopping Center with Two Pad Sites
Woodbridge, N.J., March 20, 2024 – The Kislak Company, Inc. announced the recent sale of Uptown Plaza, a 156,066-square-foot shopping center with two pad sites at 2915 7th Street in Harrisburg, Dauphin County, Pennsylvania, for $4,600,000.
Kislak marketed the property on an exclusive basis with president Robert Holland handling the assignment on behalf of the longtime owner, Town Associates, LP. Executive vice president Barry Waisbrod procured the purchaser, America’s Realty, LLC, which is led by its president and C.E.O. Carl Verstandig.
Mr. Waisbrod commented, “The purchaser is a retail acquisition firm focusing on markets with a predominantly middle-income demographic and properties with value-add potential. They currently own in 29 states throughout the U.S. and this was a suitable acquisition for them given their investment criteria.”
Mr. Holland noted, “The seller is a longtime Kislak client for whom we have handled many other sales.”
Built in 1957 and situated on approximately 14 acres, Uptown Plaza is a 156,066-square-foot shopping center with a freestanding McDonald’s and additional pad site in a quiet, residential neighborhood in the northern part of Harrisburg. It is the only shopping center in the immediate vicinity.
Consisting of two long strips of stores and two pad sites, the building structure is composed of one-story brick and block construction with glass and metal facades. Of the 30 stores in the center, many are national retailers such as H&R Block, Metro PCS, McDonald’s and Save-a-Lot with long-term tenancy at 60% occupancy at the time of sale. Repositioning and renting vacant space provide a valuable opportunity to increase revenues.
Within walking distance to public transportation and located less than five minutes by car to Route 22 and Interstate 81, the center is surrounded by high-density residential housing and is adjacent to a new government building with 900 employees, thereby increasing more traffic to the center.
David S. Sellman, Esq., of Sellman Hoff, LLC was the attorney for Mr. Verstandig and his team at America’s Realty, LLC.
Robert Holland joined Kislak in 1984, is one of the firm’s all-time leading sales producers and became President in 2012. In addition to overseeing the company and managing a team of salespeople, he specializes in the sale of multifamily and other investment properties with a primary focus in central and eastern Pennsylvania.
Barry Waisbrod joined Kislak in 2001 and is consistently among the firm’s leading salespeople. He specializes in the sale of multifamily and other investment properties throughout New Jersey and its neighboring states. Mr. Waisbrod received the firm’s Sima Kislak Jelin Salesperson of the Year award in 2023, 2019, 2015 and 2013 and its Jay I. Kislak Producer of the Year award in 2023 and 2021.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware and Florida.
Now in its 118th year, Kislak was among a select group of firms recognized as a 2023 Power Broker by CoStar Group, Inc. and this was the firm’s 18th consecutive recognition.
