Two Allentown shopping centers sold; upgrades planned

New Jersey-based Eastern Union Funding arranged $12.2 million in financing for the acquisition of five shopping centers, two of which are in Allentown. The others are in Hawley, Duryea and Salem Township.

A family trust from California sold the properties, said Marc Tropp, senior managing director of Eastern Union Funding.

The two local properties are Eastside Plaza, a 74,000-square-foot-property at 704-732 W. Emaus Ave. in Allentown which has 15 units and is 94 percent occupied.

The seller recently signed anchor tenant Superfood Marketplace, a privately owned grocery. It signed a long-term lease for 40,000 square feet.

The other site, Union Boulevard Plaza, is at 2102-2130 Union Blvd. in Allentown, which is a 28,000-square-foot-property with seven units.

Union Boulevard Plaza is a strip center in a densely-populated neighborhood of Allentown. Primary tenants include Dollar General, Advance Auto Parts and two restaurants.

This site is about 70 percent occupied.

The Eastern Union Funding brokers who negotiated the loan were Tropp and Barry Dollman, director of underwriting, who both work out of the Bethesda, Md., office.

Metro Commercial, which has an office in Plymouth Meeting, represented the seller.

Pikesville, Md.-based America’s Realty LLC was the buyer.

Carl Verstandig of America’s Realty has more than 200 shopping centers in tertiary and surrounding markets, Tropp said.

Verstandig is an active buyer who is planning upgrades at both centers, Tropp said.

“The first noticeable changes will take place in the spring,” Tropp said.

These include repaving of the parking lots, painting and upgrades to the roofs.

Source: LVB