FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $17 million in financing for Columbus Crossing, (top left photo) a 142,166-square-foot, grocery-anchored shopping center in Philadelphia, Pennsylvania. Working exclusively on behalf of Cedar Shopping Centers, Inc., HFF managing director Jim Cadranell (middle right photo) and director John Taylor arranged the five-year, 6.75 percent fixed-rate loan with Susquehanna Bank.
Cedar Shopping Centers, Inc. is a publicly-traded, self-managed real estate investment trust focused on the development and ownership of grocery-anchored and convenience shopping centers primarily in the northeast United States.
Columbus Crossing is located at 1851 South Christopher Columbus Boulevard close to Interstate 95 and Penn’s Landing along the Delaware River waterfront.
The 11.33-acre site is shadow-anchored by Home Depot and Walmart. Currently 97 percent leased, the property’s tenants include SuperFresh, Old Navy, A.C. Moore, Famous Footwear, Bath & Body Works and Lane Bryant.
“This is a good example of the availability of capital to quality real estate and borrowers,” said Cadranell.
Susquehanna Bank provides retail and commercial banking services, with more than 235 branches in the Mid-Atlantic region. It is a subsidiary of Susquehanna Bancshares, Inc. (Nasdaq: SUSQ), a financial services holding company with assets of approximately $14 billion. http://www.susquehanna.net/.
CONTACTS:
James A. Cadranell, HFF Managing Director, (973) 549-2000, jcadranell@hfflp.com
John N. Taylor, HFF Director, (973) 549-2000, jtaylor@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com
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