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| MacArthur Commons, Lehigh Valley, Pennsylvania Photo by John Majoris |
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| Chris Munley |
PHILADELPHIA, PA
–– Holliday Fenoglio Fowler, L.P. (HFF) announces the $55.25 million
sale of and the $50.4 million acquisition financing for MacArthur Commons, a
371,886-square-foot, fully leased, grocery-anchored power center in the Lehigh
Valley of Pennsylvania.
The
HFF team marketed the property on behalf of the seller. An affiliate of
Abrams Realty & Development purchased the asset free and clear of existing
debt.
Additionally, working on behalf of the new
owner, the HFF team secured a floating-rate acquisition loan. The buyer
was able to obtain long-term lease extensions with the anchor tenants and
gained approval to develop several outparcels, thus creating a highly
competitive marketing process for the financing.
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| Jose Cruz |
Housed
on 47 acres at 2631 MacArthur Road, the center is situated in the “go to”
retail destination in the region and is accessible via Route 20 with more than
44,000 vehicles passing per day.
The center’s Lehigh Valley location places it
approximately 65 miles north of Philadelphia and less than five miles north of
Allentown. More than 93,478 residents earning an average annual household
income of $60,731 live within a three-mile radius of the center.
The
HFF team representing the seller included managing director Chris Munley,
director Michael DiCosimo and senior managing director Jose Cruz.
The HFF debt placement team representing the borrower included managing director James Conley.
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| James Conley |
The HFF debt placement team representing the borrower included managing director James Conley.
“Thanks
to the HFF team of Chris Munley and James Conley for helping us to
understand this fabulous value-add play and in facilitating a great working
relationship with both the seller and the lender,” said Peter Abrams,
founder of Abrams Realty & Development.
“This redevelopment play is state of the art in the ever-evolving retail market in which we find ourselves.”
“This redevelopment play is state of the art in the ever-evolving retail market in which we find ourselves.”
“MacArthur
Commons is a top-tier shopping center and location within the Lehigh Valley,”
Munley added. “The offering generated significant interest from private
and institutional buyers proving out the value proposition for this property.”
Abrams
Realty & Development is a long-established, market-leading, real estate
company specializing in commercial real estate in Philadelphia and commercial
real estate in New Jersey.
For
more information, please contact:
KIMBERLY STEELE
HFF Digital Content/Public Relations
Specialist
(713) 852-3420
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