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Schnecksville Shopping Plaza 5350 Pennsylvania 873, Schnecksville, PA 18078
Property Description
Schnecksville Shopping Plazas is a fully occupied 63,350 +/- SF neighborhood center featuring Dollar Tree, Dunkin, and True Value Hardware as anchor tenants. The property sits on the primary retail corridor of Route 873 in Schnecksville, PA which is a growing community in the popular Lehigh Valley market. The property was fully renovated in 2020-2021 with new exterior, parking lot, roof, and HVAC units when the current ownership acquired the property. The majority of the tenants in the property have long term leases in place. New tenants of the center include Dunkin and Dollar Tree, both of which executed ten (10) year leases, plus all of the existing tenants in the property signed new leases in 2021, many of them ten (10) or fifteen (15) years of base term. Schnecksville is located in Lehigh County which is one of the fastest growing counties in Pennsylvania and is expected to see exponentially more growth over the next decade as the Lehigh Valley continues to grow and expand. Schnecksville is home to Lehigh Carbon Community College, Lehigh Valley Zoo, and is known for its state parks and hiking trails. The town has seen several new development projects breaking ground in the last year including new residential communities and multi million square foot industrial park with tenants such as UNFI. The location on Route 873 is ideal for the current tenant mix which is reflected in the anchor tenants commitment to the site and signing long term leases. Schnecksville is located outside of Allentown and just off of I-476, the northern extension of the PA Turnpike. The area has seen tremendous growth due to the I-81/ I-78 corridor and the ease of access to major Eastern Seaboard deep water ports in New York, Philadelphia, Baltimore, and Washington DC
Area Description
Lehigh Valley’s population grew by 6.2% since 2010, making it among Pennsylvania’s fastest growing regions, according to 2020 Census results. Lehigh County in particular grew by 7.2%, making it the third fastest growing county in the state. This comes as the U.S. population growth slowed to rates not seen since the Great Depression with most counties losing population since 2010, according to the U.S. Census. Lehigh county's population growth ranked in the top 25% of all counties nationwide. The nation’s growth hotspots were in the West and Southeast, making Lehigh Valley’s gains pop in the slower-growing Northeast. The Northeast grew by 4.1% and Pennsylvania by even less. Since 2010, Pennsylvania’s population rose by 2.4% to 13 million people. Lehigh county is one of only 23 of the 67 counties in Pennsylvania where population increased since the 2010 Census. Most of those 23 growth counties are in the southeastern quadrant of Pennsylvania which contains Philadelphia and its suburbs. Lehigh Valley’s population increase coincides with the growth of its diverse economy. The balanced economy includes advanced manufacturers, including those in life sciences, that have pushed Lehigh Valley to become the nation’s 52nd largest manufacturing economy and to be among the nation’s busiest industrial markets. The region’s largest employers are in the health care industry, and two Fortune 500 companies call Lehigh Valley home. In the five years before the COVID-19 pandemic, the Lehigh Valley added 27,000 jobs across a variety of occupations and industries, and in the decade since the last Census the region’s economic output has grown by 34% to $43.3 billion.
Highlights
The fully occupied Shopping Center featuring Dollar Tree, Dunkin, True Value Hardware, and H&R Block Center is in excellent condition- fully renovated in 2020 with new exterior, parking lot, roof, and HVAC Stabilized asset- All tenants signed new leases in 2021 - 2022, many are long term leases with rent escalations. Many of the current tenants have occupied the property for several years Excellent location on a primary retail corridor in a popular Allentown suburb Easy access to I-476 PA Turnpike
Zoning: Enterprise Zone_N Whitehall Twp
County: Lehigh County
Property ID: 857302
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