HFF closes $45.3 million sale of and arranges $34 million in financing for 3-building office complex in greater Philadelphia
PHILADELPHIA, PA – June 8, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $45.3 million sale of and arranged $34 million in financing for Valley Creek Corporate Center, a three-building, Class A office complex totaling 259,163 square feet in Exton, Pennsylvania.
HFF marketed the property on behalf of the seller, a real estate investment management and advisory company based in California. A joint venture between Pembroke IV, a real estate investment company based in greater Philadelphia with significant Class A office investments in the suburban Philadelphia and Chicago markets, and Ten Capital Management, a privately held real estate investment management company based in Cleveland, Ohio, purchased the assets. Additionally, HFF worked on behalf of the new owner to secure the 10-year, 4.30 percent, fixed-rate acquisition loan through Barclays Capital.
Valley Creek Corporate Center comprises 220, 222 and 224 Valley Creek Boulevard, which are situated near the confluence of Routes 202 and 30 and the Pennsylvania Turnpike about an hour northwest of downtown Philadelphia. The immediate area surrounding the property is highly amenitized with hotels, restaurants, shopping centers, banks, daycares and health clubs. Additionally, Exton Park, a 725-acre park with running, walking and biking trails; recreational fields; fishing ponds and plans for equestrian space, golf and sports fields, is located adjacent to Valley Creek. Completed in 2002, the property is 95.2 percent leased with an average weighted lease term of 5.5 years.
The HFF investment sales team representing the seller was led by senior managing director Doug Rodio, managing director Brett Segal, director Ben Appel and senior managing director Jose Cruz.
HFF’s debt placement team was led by managing director Ryan Ade and associate director Neil Campbell.
“This ‘best-in-class’ asset boasts an impressive mix of global corporate headquarters and credit worthy tenants and is situated in the Route 202 corridor, one of suburban Philadelphia’s most desirable locations,” said Rodio.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are 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, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.