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Hagerstown Shopping Center part of multi-state $68 million purchase

April 02, 2012

A pair of investment groups last week purchased five neighborhood shopping centers, including the 123,000-square-foot Hagerstown Shopping Center at the corner of Dual Highway and Cleveland Avenue, according to a news release.

As part of the $68 million deal, Bon Aviv Investment LLC of Englewood, N.J., and Zamias Services Inc. of Johnstown, Pa., also acquired shopping centers in Charleston, W.Va., Nashville, Tenn., and central California.

The Hagerstown plaza, previously owned by Kimco Realty Corp., is anchored by Aldi’s grocery store, Family Dollar, Super Shoe, Wonder Book & Video, Equipped for Life and Hibachi Sushi Supreme Buffet. Burger King and Papa John’s restaurants are nearby.

Calls seeking further comment from the investment companies and City of Hagerstown officials were not immediately returned.

Bon Aviv and Zamias are pursuing retail shopping centers throughout the country, expecting to add “considerable holdings” to their portfolios through the remainder of 2012, according to the release.

Bon Aviv is a privately held joint venture between Aviv Arlon Ltd. and Bon Investments Ltd. Zamias is a leasing and management company that has developed more than 30 million square feet of retail space, including 43 shopping centers in nine states.

— C.J. Lovelace

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