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News

WP Realty acquires Boardman Plaza

WP Realty, a real estate investment, development, management and leasing company headquartered in Bryn Mawr, Pennsylvania, is pleased to announce the acquisition of Boardman Plaza located in Youngstown, Ohio, on September 28, 2007.

Boardman Plaza is a 622,938 square foot retail shopping center located in the city of Youngstown, one of the largest cities in the state of Ohio, approximately 10 miles west of the Pennsylvania state border. The property has superb access and visibility with its ideal position on Boardman-Canfield Road (US Route 224), the main retail corridor in the most dynamic market in northeast Ohio. There are ten ingress/egress points into the shopping center, and two signalized intersections.

The center is anchored by several national big box retailers including Burlington Coat Factory, Hobby Lobby, Giant Eagle (separately owned), Linens √én Things, IGA Supermarket, Michaels, Alltel Wireless and a free-standing Rite Aid (separately owned). One block away is the Southern Park Mall, a 1.1 million square foot regional mall which attracts 8 million shoppers annually and is anchored by Macy’s, Dillard’s, JCPenney, Sears and a cinema.

Boardman Plaza currently has 135,357 square feet of vacancy that includes an 80,000 square foot anchor box formerly occupied by Burlington Coat Factory, which relocated to a 67,000 square foot space within the center. The property offers considerable potential to create value by lease up of the vacant space. Leasing efforts will benefit from the strong foundation of a dominant community center with national tenants, good demographics and excellent location on a major highway. The principals of WP Realty have extensive expertise in leasing and entrepreneurial management and turning underperforming centers around.