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| Spring Towne Shopping Center, 2641--2679 Shillington Road, Reading, PA |
PHILADELPHIA, PA –
HFF announced it has secured $17.7 million in financing for Spring Towne Shopping Center, a
277,860-square-foot, Lowe’s- and Giant-anchored retail center in Reading,
Pennsylvania.
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| Ryan Ade |
HFF worked on behalf of the borrower, Brandolini Companies,
to secure a long-term, fixed-rate loan with an institutional quality insurance
company. The loan will be used to
refinance an existing mortgage on the property.
Located at 2641-2679 Shillington
Road, Spring Towne Shopping Center has frontage along Route 724 with direct
access to an exit ramp off the highly-trafficked Route 222.
Together, 56,000 vehicles travel on these roads each day
providing significant traffic to the property.
More than 150,000 residents live within a five-mile radius
of the property, and residents within a three-mile radius earn an average
annual household income greater than $75,000.
Built by Brandolini
Companies in 1990, the property is composed of four buildings and one gas
station.
In addition to the anchor tenants, the center is more than
97 percent occupied by H&R Block, UPS Store, Great Clips, Pet Valu, Subway,
Fulton Bank, Monro Muffler & Brake, Hallmark and other local
retailers.
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| Christopher Bigos |
The
HFF team representing the seller was led by managing director Ryan Ade and senior real estate analyst
Christopher Bigos.
“We were able to secure a loan for Brandolini that allows
them to enjoy a low, fixed rate of interest for a long duration on a
high-quality asset,” Ade said.
“The
availability of an early rate lock was critical to the deal given the
historically low-rate environment we are in today.”
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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