Milbrook Properties announces the expansion of its portfolio into the Mid-Atlantic area of Maryland, Delaware, and Pennsylvania, including one new acquisition in North Jersey totaling over $120 million.
Milbrook’s first acquisition of this group occurred in early May. North Dover Center, located at 1001 N. DuPont Hwy in Dover, DE is a 191,973-sq-ft commercial retail center and is adjacent to Bally’s Dover and the Dover International Speedway. Delaware State University is located across the street, and Dover Air Force Base is located a few miles away. It’s home to many national retailers such as Hobby Lobby, Verizon, Staples, Party City, T.J. Maxx, Bob’s Discount Furniture, Kirkland’s, and more.
The second acquisition is Franklin Center which closed in mid-May. This asset is located at 1320 Lincoln Way E. in Chambersburg, PA. This 174,063-sq-ft center is anchored by Dicks Sporting Goods and home to a mixed group of regional and national brands, including Ulta, Petco, T.J. Maxx, Ollie’s Bargain Outlet, Pennsylvania DMV, Sally Beauty, Maurice’s, and Shoe Dept.
In early June, Milbrook expanded its portfolio in New Jersey with Essex Mall, a 189,733-sq-ft grocery-anchored center located at 895 Bloomfield Ave in West Caldwell, NJ. The center features six means of ingress and egress, including signalized intersections along Bloomfield Ave. Located in a large commercial district, and only minutes from I-80 and I-280, the major tenants in this center include Stop & Shop, Marshalls, Carvel, PNC Bank, USA Twisterz, and Animal Emergency & Referral Associates (AERA).
Milbrook’s last acquisition was Gaitherstowne Plaza, located at 206-300 N. Frederick Ave. in Gaithersburg, MD. This 70,639-sq-ft neighborhood shopping center is situated in a highly dense suburban populated area which is a suburb of Washington DC. The center features 21 stores and includes tenants such as The Vitamin Shoppe, Gabe’s, IHOP, AutoZone, Sherwin Williams, Domino’s Pizza, and Metro PCS.
