Financing and joint venture equity arranged by HFF for suburban Philadelphia office park
FLORHAM PARK, NJ – March 8, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged acquisition financing and joint venture equity for Evolve IP Corporate Center, a 12-building office park totaling 376,303 square feet in Wayne, Pennsylvania.
HFF arranged the joint venture partnership between PDC-Old Eagle LLC and Long Wharf Real Estate Partners LLC and secured the $29.6 million, five-year, fixed-rate acquisition loan through John Hancock's Real Estate Finance Group.
Evolve IP Corporate Center comprises 40.94 acres at 983-999 Old Eagle School Road in the Philadelphia suburb of Wayne, Pennsylvania. The office park is one half of a mile from U.S. Routes 202 and 422, one mile from Interstate 76 (The Schuylkill Expressway) and one and a half miles from Interstate 276 (The Pennsylvania Turnpike) approximately 20 miles from Philadelphia’s central business district. The 12 single-story buildings are 80.2 percent occupied by 95 tenants, including Evolve IP LLC, McBee Associates, Administrative Concepts Inc., YSC Academy, Prosoft Software and North American Specialty Products LLC. The park was originally built between 1974 and 1980 and was most recently renovated between 2007 and 2010.
The HFF joint venture equity and debt placement team representing the borrower was led by senior managing director Jim Cadranell.
Long Wharf Real Estate Partners’ team was led by director John Schonborn. PDC-Old Eagle’s team was led by Pat McNulty.
About PDC-Old Eagle LLC
PDC-Old Eagle LLL is a partnership group comprised of three experienced real estate professionals who have a combined 75 years servicing the Philadelphia marketplace.
About Long Wharf Real Estate Partners LLC
Long Wharf Real Estate Partners LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Investing on behalf of institutional clients, including public and corporate pension funds, endowments, foundations and family offices, Long Wharf utilizes a broad-based value-added strategy targeting opportunities in multiple property sectors and markets across the country. Including experience prior to becoming an independent firm in 2011, Long Wharf has invested in real estate transactions totaling nearly $9 billion in gross capitalization since 1995. For more information please visitwww.lwrep.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.