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| Westgate Mall, Schoenersville Road, Bethlehem, PA |
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| Stephen Sullivan |
The HFF team marketed the property on behalf of the seller.
Additionally, HFF worked on behalf of the buyer to secure financing. New
ownership is the joint venture between Onyx Equities, LLC and PCCP, LLC.
Situated on 22.6 acres on Schoenersville Road, Westgate Mall is adjacent
to the intersection of Route 22 and Route 378, providing quick regional access
to Lehigh Valley, Philadelphia and New York.
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| Matthew P. Flath |
“We are pleased to have finalized this acquisition and look forward to
implementing Onyx’s signature, value-add strategy in partnership with PCCP,”
said Stephen Sullivan, chief investment officer at Onyx Equities.
“We are excited about implementing our proven repositioning strategy and
revitalizing this well-located retail center,” added Matthew P. Flath,
Onyx’s vice president of Asset Management.
 |
| Chris Munley |
“The Lehigh Valley is one of the fastest-growing regions within the state
of Pennsylvania, supported by significant job and resulting population growth,”
Munley said.
“We have seen a
considerable amount of both institutional and private, out-of-market capital
targeting the region and retail shopping centers in particular.”
HFF’s debt placement team representing the borrower included managing
directors Steven Klein and Ryan Ade.
 |
| Michael DiCosimo |
Cole Schotz P.C. represented Onyx Equities in the acquisition,
joint venture with PCCP and financing. Jordan Metzger led the team
that included Robert DiPisa, John Park and Samantha Epstein.
“Westgate Mall is next in the
line of value-add acquisitions and turnarounds, which is the hallmark
of Onyx’s success and leadership in the Northeast retail and office markets,”
Metzger said.
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| Samantha B. Epstein |
 |
| Jordan Metzger |
Since its founding
in 2004, Onyx has acquired more than $2.2 billion worth of real estate assets
throughout New Jersey, New York, Pennsylvania and Connecticut.
Onyx has executed over $230 million in capital improvement projects under its signature repositioning program.
 |
| Robert DiPisa |
Driving Onyx’s success is its loyalty to core geographic markets, a seasoned team of expertise in all facets of real estate, its adaptability to market conditions, and the experience gained from managing over 65 million square feet since inception.
Throughout its
portfolio, Onyx takes aim at increasing operational efficiency, tenant
satisfaction and long-term value.
For more information visit www.onyxequities.com.
PCCP, LLC is a real estate finance and investment management firm focused
on commercial real estate debt and equity investments.
 |
| John Park |
With offices in New York, San Francisco and Los Angeles,
PCCP has a 20-year track record of providing real estate owners and investors
with a broad range of funding options to meet capital requirements.
PCCP underwrites the entire capital stack to exploit
inefficiencies in the market and provide investors with attractive
risk-adjusted returns.
Since its inception in 1998, PCCP has successfully committed
$17 billion of capital through a series of investment vehicles including
private equity funds, separate accounts and joint ventures.
 |
| Steven Klein |
Learn more about PCCP at www.pccpllc.com.
CONTACTS:
CHRIS MUNLEY
PA Lic. #RS314499
HFF Managing Director
(484) 532-4200
MICHAEL DICOSIMO
PA Lic. #RS329558
HFF Director
 |
| Ryan Ade |
STEVEN KLEIN
HFF Managing Director
(212) 245-2425
RYAN ADE
HFF Managing Director
(484) 532-4200
KIMBERLY STEELE
HFF Digital Content/Public
Relations Specialist
(713) 852-3420
