HFF announces the $55.25 million sale and financing of Lehigh Valley power center
PHILADELPHIA, PA — Holliday Fenoglio Fowler, L.P. (HFF) announced the $55.25 million sale of and the $50.4 million acquisition financing for MacArthur Commons, a 371,886 s/f, fully leased, grocery-anchored power center in the Lehigh Valley of Pennsylvania. The HFF team marketed the property on behalf of the seller. An affiliate of Abrams Realty & Development purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, the HFF team secured a floating-rate acquisition loan. The buyer was able to obtain long-term lease extensions with the anchor tenants and gained approval to develop several outparcels, thus creating a highly competitive marketing process for the financing. MacArthur Commons is fully leased to GIANT Food Stores along with multiple national anchors, including Burlington, Dick’s Sporting Goods, Big Lots and T.J.Maxx. Housed on 47 acres at 2631 MacArthur Rd., the center is situated in the “go to” retail destination in the region and is accessible via Rte. 20 with more than 44,000 vehicles passing per day. The center’s Lehigh Valley location places it 65 miles north of Philadelphia and less than five miles north of Allentown. More than 93,478 residents earning an average annual household income of $60,731 live within a three-mile radius of the center.