York, PA Meridian Capital Group, together with an affiliate of CBRE, arranged $9.8 million in acquisition financing for Two Guys Commons, an 110,000 square foot shopping center on behalf of RW Capital Partners, Inc. of Plymouth Meeting, PA, and Vastgood Properties, LLC of Port Washington, NY.
The 10-year CMBS loan features a rate of 3.89% and three years of interest-only payments. This transaction was negotiated by Meridian VP, Bryan Kallenberg, and associate, Meyer Ovadia, who are both based in the company’s New York City headquarters.
Located at 905 Loucks Rd., (U.S. Rte. 30) a major retail corridor, Two Guys Commons is an 110,000 s/f, five-tenant, grocery-anchored shopping center. Anchoring the center is a remodeled 21,000 s/f Aldi Supermarket, one of the world’s largest supermarket chains with more than 10,000 stores. The other four tenants include Ashley Furniture HomeStore, Tractor Supply Company, and Old Country Buffet, which have been in place for an average of over 17 years. Crunch Fitness also opened at the shopping center in a 15,000 s/f space adjacent to Aldi in February of 2017.
Two Guys Commons is advantageously situated on U.S. Rte. 30 near the intersection of I-83, which features a combined average of more than 144,000 vehicles per day. It also benefits from a population of approximately 143,000 people within a radius of five miles.
The property represents an attractive addition to RW Capital Partners and Vastgood Properties’ combined 20-property portfolio consisting of primarily supermarket-anchored neighborhood convenience properties. Their most recent joint acquisition in September of 2018 was the Dillsburg Shopping Center, a 153,000 s/f property anchored by Giant in nearby Dillsburg, PA.