Wayne Avenue Plaza purchased

February 13, 1998|By DON AINES

Wayne Avenue Plaza purchased

CHAMBERSBURG, Pa. - For the second time in less than a month, a Maryland firm has purchased a shopping center in Franklin County.

Mid-Atlantic Realty Trust, of Lutherville, Md., bought the Wayne Avenue Plaza in Chambersburg Tuesday for more than $10.5 million, according to deeds filed in the Franklin County Courthouse. Built in 1990, the shopping center was bought from Diversified Chambersburg Limited Partnership and Chambersburg II Limited Partnership.

Mid-Atlantic President Pat Hughes said Thursday the two sellers "are essentially the same entities ... a partnership headed by the Stewart family of York, Pa."

Last month, Mid-Atlantic bought the Wayne Heights Mall near Waynesboro, Pa., for $5.25 million, he said.

The Wayne Avenue Plaza, on 12.3 acres at the intersection of Wayne Avenue and Orchard Drive, is anchored by Giant Food and CVS Pharmacy. Hughes said the 121,000 square feet of retail space is laid out for 26 stores and has just one vacancy.

Included in the sale are buildings housing a branch of Chambersburg Trust Co. and Blockbuster Video. Not included is the nearby Red Lobster restaurant, Hughes said.

"The center's been well-maintained," Hughes said of the Wayne Avenue purchase. He said his company often buys and rehabilitates retail properties.

Hughes said expanding Wayne Avenue and Wayne Heights is a possibility, but the company has no definite plans.

"We've never sat back and let projects wither on the vine," he said.

"We tend to be very active landlords and we tend to work with the community," Hughes said.

Mid-Atlantic Realty Trust owns 38 properties totaling 4.5 million square feet in Maryland, Pennsylvania, Delaware, Virginia and New York.

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