 |
| 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 | www.hfflp.com
No comments:
Post a Comment