Sunday, October 18, 2015

HFF closes $13.525 million sale of retail and self storage properties in suburban Philadelphia, PA

Treasure Island Retail, 101 Church Road, Cherry Hill, PA

Barbara Guffey
PHILADELPHIA, PA –Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $6.275 million sale of Treasure Island Retail and the $7.25 million sale of Treasure Island Storage, two assets located on adjoining sites in the Philadelphia suburb of Cherry Hill, New Jersey.

HFF marketed both properties on behalf of the seller, Cayre Equities, who sold the properties in two separate transactions.  

An affiliate of Paragon Realty Group LLC purchased Treasure Island Retail, and Extra Space Storage® purchased Treasure Island Storage.

Treasure Island Retail and Treasure Island Storage share an adjoining 9.38-acre site located at 101 Church Road in Cherry Hill, a suburb five miles from Philadelphia. 

The property is across the street from Cherry Hill Mall, and there are 280,941 residents living within a five-mile radius of the assets with an annual average household income in excess of $81,000.

Richard Schontz
 The 107,390-square-foot Treasure Island Retail is 100 percent leased to two tenants, Ashley Furniture HomeStore and Ollie’s Bargain Outlet. 

Treasure Island Storage’s three-story facility spans 98,214 net rentable square feet and houses 762 climate-controlled units in addition to 13 surface parking spaces.  The facility features a ground-floor loading area, commercial loading docks and retail supplies on site.

The HFF team representing the seller in the Treasure Island Retail transaction was led by managing director Chris Munley.

The HFF team representing the seller for the Treasure Island Storage transaction was led by managing director Richard Schontz and director Barbara Guffey.

“The Treasure Island Storage and retail property is a unique asset developed by the seller, who owns several types of commercial real estate investments,” Schontz said. 

“Prior to going to market, we advised the seller to create a condominium structure to allow for flexibility in the marketing process. 
"We were able to offer the property to the market as one asset or individual assets and uses, which allowed us to access the appropriate buyer pool for each use.  Ultimately, were able to create more activity, yielding 15 offers and a significant premium in the sale price by selling each condominium to separate buyers.”

Chris Munley

“This is a great example of how HFF approaches each deal by putting the best team on the field,” Munley added.  “We were able to work as a team across our product specialties to think creatively and execute on a complicated deal.”

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

No comments: