HFF closes sale of power center in Pennsylvania’s Lehigh Valley
PHILADELPHIA, PA – March 8, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of MacArthur Towne Centre, a 151,418-square-foot community retail power center in the Lehigh Valley community of Whitehall, Pennsylvania.
The property was purchased by an affiliate of Abrams Realty & Development.
Anchored by Jo-Ann Fabrics and Craft, American Signature Furniture and 2nd & Charles, the 94.5-percent-leased MacArthur Towne Centre is also home to Party City, David’s Bridal, Aaron’s, H&R Block, T-Mobile and more. Lowe’s and Kmart shadow-anchor the property. Situated on 24 acres at 2524-2590 MacArthur Road, the power center’s location places it along the dominant MacArthur Road retail corridor in the Lehigh Valley, currently one of the foremost growing economies in Pennsylvania. MacArthur Towne Centre is approximately three miles from Allentown, the third largest city in Pennsylvania.
The HFF team representing the seller was led by managing director Chris Munley, associate director Michael DiCosimo and senior managing director Jose Cruz.
“The Lehigh Valley is a strong consumer market, which is reflected by consecutive years of job growth and strong medical and industrial sectors,” Munley said. “MacArthur Towne Centre drew a large audience of investors due to its strategic location and long-term value prospects.”
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.