Colliers Team Concludes Sale of Bethlehem Village Shoppes

BethlehemVillageShoppes_1536x1040Hero

Despite Challenges of Corona, Attractive Neighborhood Shopping Center Fetches $4.5M

May 13, 2020 [Bethlehem, PA] –  Colliers is pleased to announce the team of Jeff Algatt, Derek Zerfass and Scott Horner has recently completed the investment sale of Bethlehem Village Shoppes, a 31,450 sf multi-tenanted open air neighborhood shopping center at 3650 Nazareth Pike in Bethlehem, PA. The transaction, from a Bucks County private seller to a Bucks County private buyer, was consummated for $4,500,000.

Bethlehem Village Shoppes is proximate to downtown Bethlehem as well as local dominant regional big box shopping centers. The Shoppes are home to a diverse tenant roster of local retail, service and professional tenants such as Painting with a Twist, Mitzi’s Table, Kumon, Revolution Styling, H&R Block, Atlantic Aquatic and the Northampton County Court of Common Pleas. 

“This sale of an open air, neighborhood shopping center in the middle of the coronavirus pandemic uncertainty is notable for the teamwork and flexibility of all the parties: seller, buyer, brokers, attorneys, lender, title company, and environmental consultants. It also shows the investment market for shopping centers is not dead, but alive and adapting to the “new normal,” provided Jeff Algatt, Senior Vice President in Colliers’ Capital Markets | Investment Services group.

Derek Zerfass, Colliers Senior Vice President in Retail Brokerage, added “There is a dense residential population servicing the center, it is well-leased and the fundamentals are solid, making the investment attractive to the 1031 exchange requirement buyer.” Zerfass and Colliers Vice President Scott Horner were the long-standing leasing agents who worked diligently to build the Shoppes’ healthy occupancy to support the sale and have been retained by the new owner for future leasing.

W.C. Weiss of Equus represented the buyer. Financing was arranged through community lender QNB.   

 

For more information, contact: 

Jeff Algatt, Vice President  
+1 610 557 0180 | Jeff.Algatt@colliers.com

Derek Zerfass, Senior Vice President  
+1 610 295 6125 | Derek.Zerfass@colliers.com

Scott Horner, Vice President 
+1 610 359 5869 | Scott.Horner@colliers.com

 

###

 

About Colliers International

Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn

 

Download PDF  |  View all Philadelphia News


Related Experts

Jeff Algatt

Senior Vice President

Conshohocken

Successful, seasoned intermediary between buyers, sellers and capital sources of investment real estate, always beginning with a thorough understanding of each client’s goals, expectations and needs. Each situation is evaluated and underwritten in the context of relevant market data and conditions from 30,000 feet down to street level granularity. If the client decides a transaction is warranted, I assemble and lead the best available team of professionals to achieve the client’s objective.

WHY CLIENTS ENGAGE MY SERVICES:  I am honest, organized, diligent, responsive and a good listener.

View expert

Derek Zerfass

Senior Vice President | Allentown

Allentown

Derek joined Colliers in 2006. He specializes in retail tenant, landlord, developer and investor representation and has more than nine years’ experience in the retail sector in the Lehigh Valley. As a native of the area, he is an expert in local market conditions and recent transactions. This, combined with his entrepreneurial spirit and strategic negotiation skills, have made him a valued asset to his strong client base and a top producer.

 

Derek is a trusted advocate for the landlords, tenants and investors he represents. His focus is on the real estate outcome that best supports their business objectives and he possesses the expertise and commitment to deliver results.

View expert

Scott Horner

Vice President

Allentown

As a vital member of the Lehigh Valley team, Scott’s concentrations are Tenant and Landlord representation in the Allentown-Bethlehem-Easton metropolitan area where he has lived and worked for over 30 years. He specializes in retail and restaurant uses and offers exclusive tenant, landlord, developer and investor representation services.

Scott excels in location searches that meet  the strict requirements of major retailers. His understanding of the demands of national tenants, balanced with the dynamics of the local market again comes to bear as he helps successfully navigate deal negotiations for his clients.  

View expert