HFF arranges $46.25 million acquisition financing for 6-building suburban office park near Wilmington, Delaware
PHILADELPHIA, PA – February 7, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a total of $46.25 million in acquisition financing for Christiana Executive Campus, a 448,712-square-foot, six-building suburban office park in the Wilmington suburb of Newark, Delaware.
HFF worked on behalf of Delle Donne & Associates, Inc., to secure two separate long-term, fixed-rate loans for the acquisition of the property.
Christiana Executive Campus is situated on 42 acres at 111, 121, 131, 200, 220 and 240 Continental Drive in Newark, Delaware, less than a mile from Interstate 95 and Routes 7 and 1. This convergence is Delaware’s most retail-centric location, as it is home to the Christiana Mall, a 1.2 million-square-foot super-regional mall with multiple complimentary surrounding retail uses. Additionally, the campus is less than 10 miles northwest of downtown Wilmington and 38 miles northeast of Center City Philadelphia, Pennsylvania. Christiana Executive Campus features an on-site café, lush landscaping, 24-hour security and has been outfitted with energy efficient upgrades, including white reflective roofs and double glazed windows.
The HFF team representing the borrower was led by managing director Ryan Ade.
“The market expertise of the sponsorship combined with the unmatched regional location of the asset created significant competition in the debt markets,” Ade said. “The sponsorship will immediately add value to the property after closing with the signing of two substantial leases. HFF is pleased to have worked on the acquisition financing for what will certainly be a very accretive portfolio of assets for Delle Donne & Associates.”
About Delle Donne & Associates, Inc.
Founded over 70 years ago by Eugene A. Delle Donne, Delle Donne & Associates, Inc. (DDA) is a commercial property development and management corporation serving Delaware’s downtown Wilmington and surrounding New Castle County area. Second-generation president and chief executive officer, Ernest F. Delle Donne, has assembled a creative team that takes pride in the quality of its product and services and brings a collaborative approach to every project they encounter. For more information, visit dda1.com.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated 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.