HFF arranges $28 million refinancing for ind. portfolio

PHILADELPHIA, PA — Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $28 million refinancing for a portfolio of two fully-leased industrial shallow bay warehouse and office buildings totaling 246,790 s/f in the Philadelphia suburb of Horsham.

HFF worked on behalf of the borrower, an affiliate of Endurance Real Estate Group, LLC, to secure the 10-year, fixed-rate loan through Silverpeak Real Estate Finance. Loan proceeds will refinance existing debt.The 100% leased portfolio consists of 200 Precision Dr. and 425 Privet Rd. in the Pennsylvania Tpke. Corridor in Horsham, a community 19 miles north of Philadelphia’s CBD. The properties are adjacent to one another and are three miles from I-276 (Pennsylvania Tpke.) via exit 343, which provides access to I-76, 476 and 95. The 126,500 s/f 200 Precision Dr. contains 63,000 s/f of warehouse space in addition to 49,400 s/f of office space and a 14,200 s/f laboratory. The building is housed on 11.13 acres and is leased to Finisar Corporation, C&D Technologies and DrugScan. Fully-leased to Teva Pharmaceuticals, 425 Privet Rd. underwent an expansion in 2008 to expand the asset to its current-day 120,290 s/f. Situated on 13.1 acres, the property contains 615 parking spaces.

The HFF team representing the borrower was led by managing director Ryan Ade and associate director Campbell Roche.HFF has arranged an $18.5 million refinancing for West Goshen Town Centre, a 135,650 s/f retail center anchored by ShopRite in the affluent suburban Philadelphia community of West Chester. HFF worked on behalf of the borrower, Brandolini Companies, to secure the permanent, fixed-rate loan through an institutional lender. Situated on 17.6 acres at Rte. 3 and Five Points Rd., West Goshen Town Centre is five miles from downtown West Chester, which was named No. 10 on CNN’s Money.com Top 50 Best Places to Live in 2013. The property is adjacent to four multi-housing complexes with a total of 968 units, and the center is proximate to some of the county’s major employers, including QVC’s global headquarters, Chester County Hospital and the 15,000-student West Chester University. One hundred percent leased, the four-building West Goshen Towne Centre is home to anchors ShopRite and A.C. Moore in addition to Applebee’s Neighborhood Grill, Panera Bread, AT&T, Massage Envy, GameStop, Great Clips, Sun East Federal Credit Union and H&R Block.

The HFF team representing the borrower was led by managing director Ryan Ade.“Having the market-leading grocer, ShopRite, as an anchor draw, West Goshen Town Centre occupies one of the best locations for retail in the western suburbs,” Ade said. “Lenders competed aggressively via the HFF process, and the end result was a best in market execution for our client, Brandolini.”

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