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| Claudia Steeb |
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| Marc Mandel |
PHILADELPHIA, PA –– HFF
announces the $13.38 million sale of and the $8.5 million acquisition financing
for a 53,000-square-foot, single-tenant retail property occupied by Levin
Furniture in the Pittsburgh-area community of Wexford, Pennsylvania.
The HFF team marketed the property on behalf of the seller, a
REIT. A private East Coast buyer in a 1031
Exchange purchased the asset free and clear of existing financing.
Additionally, working on behalf of the new owner, the HFF team placed the
20-year, fixed-rate loan with Protective Life Insurance Company. HFF will
service the loan, proceeds of which were used to purchase the asset.
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| Steve Schrenk |
The building is situated on 6.24 acres at 10688
Perry Highway in Wexford, a community about 17 miles north of Pittsburgh with
superior access to major highways.
The building’s location along Perry
Highway exposes it to more than 22,800 vehicles per day, and it is contiguous
to the Whole Foods Market-anchored Wexford Plaza, which is one of only three
Whole Foods locations in the Pittsburgh MSA.
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| Coler Yoakam |
The HFF debt placement team representing the new owner consisted
of senior managing director Claudia Steeb.
“The Levin sale was a great example of how HFF’s platform can best
serve its client,” Mandel said. “Through a collaboration of three HFF
offices, we were able to produce a successful result for all parties
involved.”
For more information, please contact:
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