$13.525 million sale of retail and self storage properties in suburban Philadelphia closed by HFF
PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $6.275 million sale of Treasure Island Retail and the $7.25 million sale of Treasure Island Storage, two assets located on adjoining sites in the Philadelphia suburb of Cherry Hill, New Jersey.
HFF marketed both properties on behalf of the seller, Cayre Equities, who sold the properties in two separate transactions. An affiliate of Paragon Realty Group LLC purchased Treasure Island Retail, and Extra Space Storage® purchased Treasure Island Storage.
Treasure Island Retail and Treasure Island Storage share an adjoining 9.38-acre site located at 101 Church Road in Cherry Hill, a suburb five miles from Philadelphia. The property is across the street from Cherry Hill Mall, and there are 280,941 residents living within a five-mile radius of the assets with an annual average household income in excess of $81,000. The 107,390-square-foot Treasure Island Retail is 100 percent leased to two tenants, Ashley Furniture HomeStore and Ollie’s Bargain Outlet. Treasure Island Storage’s three-story facility spans 98,214 net rentable square feet and houses 762 climate-controlled units in addition to 13 surface parking spaces. The facility features a ground-floor loading area, commercial loading docks and retail supplies on site.
The HFF team representing the seller in the Treasure Island Retail transaction was led by managing director Chris Munley.
The HFF team representing the seller for the Treasure Island Storage transaction was led by managing director Richard Schontz and director Barbara Guffey.
“The Treasure Island Storage and retail property is a unique asset developed by the seller, who owns several types of commercial real estate investments,” Schontz said. “Prior to going to market, we advised the seller to create a condominium structure to allow for flexibility in the marketing process. We were able to offer the property to the market as one asset or individual assets and uses, which allowed us to access the appropriate buyer pool for each use. Ultimately, were able to create more activity, yielding 15 offers and a significant premium in the sale price by selling each condominium to separate buyers.”
“This is a great example of how HFF approaches each deal by putting the best team on the field,” Munley added. “We were able to work as a team across our product specialties to think creatively and execute on a complicated deal.”
About Cayre Equities
Cayre Equities is a private real estate investment and development firm based in New York City. Founded by the innovative Cayre family, the company, together with its affiliates, holds a diverse portfolio of retail, office and storage properties totaling more than three million square feet. Known for its personal touch and entrepreneurial spirit, the company has established longstanding relationships with strategic partners in high net-worth businesses and is an expert in maximizing the value of every venture. For more information, visit ceqy.com.
About Paragon Realty Group LLC
Paragon Realty Group LLC is a private real estate investment, development and management company based in Westport, Connecticut. Affiliates of Paragon presently own and/or manage more than two million square feet of investment real estate, with a concentration in the retail sector and the balance in office and mixed-use properties. It is Paragon’s objective to selectively add to its portfolio by acquiring investment opportunities in the northeast, mid-Atlantic and southeast regions. For more information about Paragon, please visit www.paragonct.com.
About Extra Space Storage®
Extra Space Storage® Inc. (NYSE: EXR) is a real estate investment trust based in Salt Lake City, Utah with regional offices in California, Florida, Georgia, Indiana, Maryland, Massachusetts, New Jersey, Texas and Utah. Extra Space Storage® is the second largest operator of self storage in the United States and is a national owner, acquirer and operator of professionally managed self storage properties. Learn more at www.extraspace.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.