Philly-Area Office Trades, Lands $45M Financing
- Jun 12, 2017
Valley Creek Corporate Center, a 259,200-square-foot office complex in Exton, Pa., has come under new ownership in a transaction valued at $45.3 million. HFF marketed the Philadelphia-area property on behalf of the seller, a real estate investment management and advisory company, and orchestrated financing for the buyer, a joint venture of Pembroke IV and Ten Capital Management.
Developed by Rubenstein Partners, the three-building Valley Creek at 220, 222 and 224 Valley Creek Blvd. made its debut in 2002. “This ‘best-in-class’ asset boasts an impressive mix of global corporate headquarters and credit worthy tenants and is situated in the Route 202 corridor, one of suburban Philadelphia’s most desirable locations,” Doug Rodio, senior managing director with HFF, said in a prepared statement. The property, sited roughly 30 miles from Philadelphia, is 95.2 percent leased and counts Analytical Graphics, iPipeline and Autotrader.com among its occupants.
HFF PULLS DOUBLE DUTY
HFF’s investment sales team reeled in a buyer for Valley Creek, then the firm’s debt placement team secured acquisition funds for the Pembroke-Ten Capital joint venture through Barclays Capital. The financing came in the form of a 10-year loan featuring a fixed rate of 4.30 percent. In 2013, the asset also landed $23.1 million through PNC Bank.
Earlier this month, the firm closed the $101 million sale of a 700,000-square-foot suburban office portfolio in the Tampa area, and arranged approximately $68 million in acquisition financing for the buyer. In May, HFF facilitated the sale of the 375,000-square-foot McGowin Park shopping center in Mobile, Ala., and secured a $43 million acquisition loan on behalf of the owner. The firm also completed the $28.1 million sale of the 93,600-square-foot mixed-use City Centre office and retail center in Palm Beach Gardens, Fla. and arranged $20.3 million in financing for the buyer.