Colliers Brokers $18.4M Sale of Wind Gap Plaza to Highland Estates Developers in Lehigh Valley 1031 Exchange

Colliers has brokered the $18.4 million sale of Wind Gap Plaza, a Giant-anchored community shopping center in Wind Gap, Pennsylvania, to Highland Estates Developers, LLC, of East Norwich, New York. The transaction was structured as a 1031 tax-deferred exchange and highlights continued investor appetite for grocery-anchored retail assets in the Lehigh Valley.

The 91,814-square-foot center is located at 87 Male Road just off Route 33 in Northampton County's Slate Belt region. Northampton County records identify the main parcel address as 837 Male Road, a common variance between marketing and tax parcel addresses. The property was 97% leased at the time of sale. The county recorded the transaction on July 7, 2026, and Colliers announced it publicly on August 18, 2026.

Deal Structure and Brokerage Team

The transaction was facilitated by Colliers' Lehigh Valley brokerage team on behalf of the seller, CenterPoint Properties, of Decatur, Georgia. The team was led by Senior Vice President Derek Zerfass, alongside Senior Vice President Jeff Algatt and Vice President Scott Horner.

Highland Estates Developers acquired Wind Gap Plaza as the replacement, or "up leg," property in a 1031 tax-deferred exchange, adding the center to its existing portfolio of retail assets in the Lehigh Valley.

"This transaction fulfilled both the seller's and the buyer's investment criteria and time constraints," said Derek Zerfass. "Our seller was pleased with the buyer's qualifications and quick closing time frame, and Highland Estates Developers was able to expand its existing portfolio of similar properties in the Lehigh Valley while acquiring Wind Gap Plaza as its up leg in a 1031 tax-deferred exchange."

At $18.4 million for 91,814 square feet, the transaction implies a price of approximately $200 per square foot. No cap rate was disclosed.

Property Profile: Giant-Anchored, Daily-Needs Retail

Wind Gap Plaza was built in 1995 and is anchored by a Giant supermarket, with Tractor Supply and Ocean State Job Lot among its other significant tenants. The center's tenant mix is oriented toward daily-needs retail serving the surrounding Slate Belt communities of Northampton County. The Giant lease runs through 2035, providing long-term income stability for the asset.

The property's 97% occupancy rate and durable cash flow profile were central to its appeal for Highland Estates Developers. The Colliers team described the center's tenant base as essential-service retailers, a category that has continued to draw investor interest in a more selective capital markets environment.

Wind Gap Plaza benefits from direct access to Route 33, which provides regional connectivity to the broader Lehigh Valley metro and to major East Coast markets including New York and Philadelphia. The Lehigh Valley is one of Pennsylvania's fastest-growing metropolitan areas, a factor Colliers cited as supporting the asset's long-term positioning.

Market Context: Grocery-Anchored Retail Draws 1031 Capital

The Wind Gap Plaza transaction reflects broader trends in the retail investment market, where well-located, grocery-anchored centers with high occupancy and necessity-based tenants have continued to attract buyers even as capital markets have grown more selective. The 1031 exchange structure added urgency to the transaction, as such exchanges carry strict identification and closing timelines that reward assets with minimal lease-up risk and predictable cash flows.

Colliers noted that the deal reinforces investor demand for retail properties with strong tenant fundamentals and underscores the firm's ability to execute transactions for owners and investors across the Lehigh Valley market.

About the Parties

Colliers is a global diversified professional services and investment management company with $6 billion in annual revenues and 28,000 professionals worldwide, managing $110 billion in assets under management. CenterPoint Properties is based in Decatur, Georgia. Highland Estates Developers, LLC is based in East Norwich, New York.

Sources: Colliers press release, August 18, 2026