1401-1451 W Allen St
Allentown, PA 18102
Allen Street Shopping Center · Retail Property For Sale

Overview
Institutional Property Advisors, on behalf of Ownership, is pleased to present the opportunity to acquire a 46,228 square foot Grocery Outlet anchored neighborhood center located in Allentown, Pennsylvania (the “Offering”). The center was constructed in the 1960s and has served this community for decades. The retail line up is supported by Family Dollar, Bank of American and a strong lineup of service oriented retailers well suited to the surrounding community. This seasoned asset features average tenant tenancy of 17 years, a weighted average lease term (WALT) over 5 years, a 10-year compound annual growth rate (CAGR) of 2.74%, and a 5-year CAGR of 3.03%.
Established Tenancy & Strong Credit
The tenant roster is led by three nationally recognized tenants, Grocery Outlet, Bank of America, and Family Dollar, which together account for 69% of total revenue. Grocery Outlet has anchored the property since 2022 under a new 10-year lease, though the site has 75+ year history as a grocery store underscoring established position in the market. This unit was originally a Food Fair, which changed later to Food Lane and Ahart’s Market. The discount-oriented brand is perfectly merchandised to the neighborhood’s high dense, middle income demographic, evidenced by its rank in the 60th percentile statewide per Placer.ai.
Neighborhood Destination Tenants
Grocery Outlet (NASDAQ: GO) is a publicly traded, nationally expanding discount grocery chain that has been actively rolling out new locations nationwide, including four in the greater Lehigh Valley. The company is institutionally owned with significant shareholdings by major asset managers including BlackRock and Vanguard, while still retaining meaningful founding family involvement. The franchise operator at this unit is Fayez Abboud, but this lease is corporately guaranteed by Grocery Outlet, Inc. Abboud is also the previous operator of the Shillington Grocery Outlet location and is a seasoned real estate professional. He previously worked at Family Dollar Corporation within their management team.
Grocery Outlet is supported by high-performing Family Dollar, who has operated at the center for decades. According to Placer.ai, this location ranks in the 91st percentile nationwide and 96th percentile statewide, generating 178,200 annual customer visits. The whisper sales for this store are near an impressive $4 Million per year, and that the unit #1 store in the chain’s 14-store Family Dollar District. Bank of America further enhances the credit profile, along with other notable names, Metro by T Mobile, Little Caesar’s, and Cricket Wireless.
Value Add Opportunities
A Plasma operator recently vacated its space in early 2026. This fresh vacancy is a prime opportunity to lease 3,117 square foot space and add value. A market rental rate of $20 PSF is projected, providing immediate NOI upside in year two. It is notable that the Property has been owned by institutional ownership since 1984. A more aggressive approach to management and leasing can further improve asset performance.
Dense, Walkable Trade Area
Presently, the Offering is supported by 45,958 residents within one-mile and more than 144,565 within three-miles. The Property is located within a dense, urban neighborhood trade area, where retail demand is largely driven within a 1 to 1.5 mile radius. The center’s West Allen Street location carries a Walk Score of approximately 90, classifying it as a “Walker’s Paradise,” where errands can be completed on foot. This is an increasingly rare and valuable trait for neighborhood retail. Further, in a submarket dominated by on street parking, the Property’s off street parking field provides a meaningful advantage for both retailers and customers.
The surrounding area is characterized by dense residential housing, a middle income demographic profile, and nearby anchors including, Lehigh Valley Hospital – 17th Street, and other healthcare facilities as well as area schools that drive daytime and off-peak traffic.