Larken Associates kicks off 2023 with acquisition just across N.J. border in Pa.

Lawrenceville-based real estate developer Larken Associates on Tuesday announced it acquired Westfall Town Center, a 203,907-square-foot grocery-anchored shopping center located at 111 Hulst Drive in Matamoras, Pennsylvania.

The center has changed hands from CenterPoint Properties to Larken Associates with the Colliers team of Derek Zerfass, Scott Horner and Jeff Algatt representing both Buyer and Seller in the $28,600,000 transaction.

Situated in Pike County, Pennsylvania, along Pa. Route 6 just across the border from New Jersey and New York, Westfall Town Center is anchored by a brand-new 73,000-square-foot ShopRite as well as a 25,000-square-foot full-size TJ Maxx.

“In a time that is challenging for many retail properties, high occupancy, well-maintained, quality-anchored regional shopping centers like Westfall Town Center are still sought after investments,” Jeff Algatt of Colliers Capital Markets said. “We were pleased to connect valued clients Larken and CenterPoint in this unique purchase opportunity.”

The shopping center boasts a diverse slate of complimentary retail tenants, including Planet Fitness, Dollar Tree and a movie theater operated by Flagship Cinemas. A Wendy’s and Perkins Restaurant are also situated on two outparcels at the center.

Westfall Town Center’s strategic location is just a short drive from both New Jersey and New York, placing 106,394 people with an average household income of $95,663 within a 15-minute drive. The shopping center is also located along Matamoras’ retail corridor, featuring a nearby Lowe’s, Home Depot and Walmart Superstore.

“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,” Victor Kelly, executive vice president of Raider Realty, the in-house brokerage division of Larken Associates, said. “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.”

“Finding success in today’s retail market requires an unmatched level of local market knowledge paired with deep expertise in leasing and property management. 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,” David Iacobucci, chief investment officer of Larken Associates, added.