The Daily Item, Sunbury, PA

News

May 4, 2011

Buffalo Valley Shopping Center sold

MIFFLINBURG — After 10 years of ownership, Koskap Partners, of Lancaster, sold the Buffalo Valley Shopping Center for $2.83 million, or about $38 per square foot, to Great White Buffalo, a Pennsylvania limited partnership.

A deed transfer filed with Union County shows the sale of the circa-1960s shopping center closed about April 25.

Earl Kosowsky, managing partner of Koskap Partners, said Tuesday the company is selling all of its properties — some 25 to 30 in central Pennsylvania — as he prepares to retire. Koskap Partners was formed in Lancaster about 1979, he said.

Kosowsky said the property at 299-335 E. Chestnut St. was on the market for about two months. It totals 73,542 square feet and was 88 percent leased at the time of the sale. Its rental rate was about $9 per square foot, according to information on Loopnet.com.

Among the retail businesses there are a Subway sandwich shop, CarQuest, Family Dollar store and Deihl Insurance Agency.

Mifflinburg Mayor David Cooney said the shopping center was one of the first — if not the first — in Mifflinburg when it opened in 1960.

Kosowsky said the company loved doing business in Mifflinburg. “The people were great,” he said. “It could have used a little more stimulus in the economy, but unfortunately, that’s something everyone is dealing with these days.”

Marcus & Millichap, of Philadelphia, a national commercial real estate investment services firm, brokered the deal for Koskap and found the buyer.

Calls to Marcus & Mellichap for information on Great White Buffalo were not returned by deadline Tuesday.

A limited partnership is formed by at least two people having one or more general partners and one or more limited partners.

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