$18.5 million refinancing arranged by HFF for grocery-anchored suburban Philadelphia retail center
PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged an $18.5 million refinancing for West Goshen Town Centre, a 135,650-square-foot retail center anchored by ShopRite in the affluent suburban Philadelphia community of West Chester, Pennsylvania.
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 Route 3 and Five Points Road, 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.”
About Brandolini Companies
Founded in 1936, Brandolini Companies is headquartered in Berwyn, Pennsylvania, a suburb of Philadelphia. The company is a diversified real estate organization that develops, owns and operates approximately 2.8 million square feet of real estate. Brandolini has successfully grown by identifying unique opportunities, enhancing value and forging successful relationships with their tenants and partners. Learn more at www.brandolinicompanies.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.