HFF Facilitates Refinancing of Suburban Philadelphia Retail Asset
- Mar 08, 2016
Called Lionville Shopping Center, the 93,161-square-foot, grocery-anchored property is located in the Philadelphia suburb of Exton, Pa.
Working on behalf of the borrower, Brandolini Cos., HFF has arranged a $10.7 million, long-term, fixed-rate loan through an institutional lender in order to retire existing indebtedness.
Lionville Shopping Center is located at 168 Eagleview Blvd., at the signalized intersection of Eagleview Boulevard and West Uwchlan Avenue (Philadelphia Route 113) in the Chester County submarket. This location also has the advantage of being on the “going home” side of West Uwchlan, an almost 50-mile northeast-southwest highway that serves Chester, Montgomery and Bucks Counties.
The shopping center is 97-percent leased to 15 tenants, including Giant Food Store, Carol’s Hallmark, Verizon Wireless, Subway, Wells Fargo Bank, Pet Valu and Sal’s Pizza & Italian Restaurant. The property is shadow-anchored by Target, Rite Aid and Wawa.
Ryan Ade, managing director, led the HFF team representing the borrower.
“Brandolini [Cos.] engaged HFF on an exclusive basis in order to find the best available rate and terms for a maturing loan on Lionville Shopping Center,” Ade said in prepared remarks. “Lender interest in this financing of a well-located and market-leading grocery store was very high.”
Image courtesy of Brandolini Cos.