HORSHAM, PA—Holliday Fenoglio Fowler has arranged a $28 million refinancing for two fully-leased industrial shallow bay warehouse and office buildings totaling 246,790 square feet in the Philadelphia suburb of Horsham, PA.
HFF worked on behalf of the borrower, an affiliate of Endurance Real Estate Group to secure the 10-year, fixed-rate loan through Silverpeak Real Estate Finance. Loan proceeds will refinance existing debt.
The 100-percent-leased portfolio consists of 200 Precision Drive and 425 Privet Road in the Pennsylvania Turnpike Corridor in Horsham, 19 miles north of Philadelphia's CBD. The properties are adjacent to one another and are approximately three miles from Interstate 276 (Pennsylvania Turnpike) via exit 343, which provides access to Interstates 76, 476 and 95.
The 126,500-square-foot 200 Precision Drive contains 63,000 square feet of warehouse space, 49,400 square feet of office space and a 14,200-square-foot laboratory. The building is housed on 11.13 acres and is leased to Finisar Corporation, C&D Technologies and DrugScan. Fully-leased to Teva Pharmaceuticals, 425 Privet Road underwent an expansion in 2008 to expand the asset to its current-day 120,290 square feet. Situated on 13.1 acres, the property contains 615 parking spaces.
The HFF team representing the borrower was led by managing director Ryan Ade and associate director Campbell Roche.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
