Chase Properties, a Beachwood, Ohio-based owner and operator of shopping centers, announces the acquisition of Peninsula Crossing, an open-air shopping center located in Millsboro, DE.
Peninsula Crossing is a shopping center of approximately 334,000 square feet that is anchored by Lowe’s and PetSmart and shadow anchored by BJ’s Wholesale Club.
The shopping center will be adding a new Aldi grocery store, further demonstrating the dominance of the center. Aldi is the fourth largest global retailer, according to NRF, and was the fastest growing grocery chain in the U.S. in 2021.
Peninsula Crossing is the dominant retail center in the market, with minimal competition in the trade area. It is situated in Sussex County which is experiencing the largest amount of growth in the state of Delaware. This asset is positioned to the west of Bethany Beach and Rehoboth Beach which are two of the largest vacation destinations in the region.
Chase Properties was able to capitalize on this off-market opportunity through a strong relationship with the seller.
According to Andy Kline, Chase Properties’ Co-CEO, “we’re very excited to expand our portfolio into Delaware with this high-quality shopping center. The tenant mix is ideally suited to serve the needs of local customers as well as visitors to the nearby beach towns. And the limited competition fits within Chase Properties’ strategy of owning dominant shopping centers in smaller markets.”
Chase Properties is a full-service owner and operator of shopping centers located in 19 states throughout the Midwest, Southern and Eastern U.S. The company was founded in 1973. Currently, Chase Properties owns and manages shopping centers comprised of over 7.3 million square feet.