Abrams Realty Snags $55M PA Retail Power Center
- May 18, 2018
An affiliate of Abrams Realty & Development has acquired MacArthur Commons, a grocery-anchored power center in Whitehall, Pa., for $55.3 million. HFF marketed the property on behalf of the seller, Urban Edge Properties, and arranged a $50.4 million floating-rate acquisition loan on behalf of the buyer.
Located at 2631 MacArthur Road, the 47-acre asset is fully leased and anchored by GIANT Food Stores, Burlington, Dick’s Sporting Goods, Big Lots and T.J. Maxx. The 371,886-square-foot power center is located in the neighborhood of Lehigh Valley, 65 miles north of Philadelphia and five miles north of Allentown, Pa. Abrams purchased the asset free and clear of existing debt. The firm was also able to obtain long-term lease extensions with the anchor tenants and gained approval to develop several outparcels.
Abrams Realty & Development have been busy over the last year, snatching up several shopping centers in the Philadelphia metro area. Last October, a joint venture between the firm and Gorman & Co. purchased Whiteland Towne Center in Exton, Pa. The 359,673-square-foot shopping mall was sold by an affiliate of Equus Capital Partners. Prior to that, in March, the company acquired MacArthur Towne Centre for $14.3 million, a 151,418-square-foot retail center located directly across the street from MacArthur Commons.
HFF’s Managing Director Chris Munley, Director Michael DiCosimo and Senior Managing Director Jose Cruz represented the seller in the transaction. Managing Director James Conley represented the buyer.
“MacArthur Commons is a top-tier shopping center and location within the Lehigh Valley,” said Munley, in a prepared statement. “The offering generated significant interest from private and institutional buyers proving out the value proposition for this property.”
Image courtesy of HFF