The Kislak Co. Inc. arranged the sale of a six-center retail portfolio in Alabama, New York and Pennsylvania for $16 million.
The Lightstone Group sold the six buildings totaling 720,000 square feet to Bryn Mawr, Pa.-based WP Realty, which operates throughout the Northeast. This transaction marks WP Realty’s entry into the Alabama market.
The portfolio includes: Circle Plaza, a 92,000-square-foot community shopping center anchored by K-Mart in Shamokin Dam, Pa.; Kingston Plaza, a 65,000-square-foot community shopping center in Kingston, Pa.; Midway Plaza, a 207,000-square-foot retail shopping center anchored by Office Depot in Opelika, Ala.; Plaza 15, a 120,000-square-foot retail shopping center anchored by Save-A-Lot in Lewisburg, Pa.; Shamokin Plaza, a 99,000-square-foot community shopping center in Shamokin, Pa.; and Troy Plaza, a 131,000-square-foot retail shopping center anchored by Big Lots in Troy, N.Y.
WP Realty, which specializes in taking underperforming centers and turning them around, is planning major renovations for the properties, according to a press statement.
The Kislak Co., headquartered in Woodbridge, N.J., provides commercial real estate services throughout New Jersey, New York, Pennsylvania, Virginia, Connecticut and Delaware.