The transaction was arranged by the Philadelphia office of L.J. Melody & Co., with senior vice president Joe Sklencar, Sr. and first vice president David P. Dolan arranging the deal. L.J. Melody, a CB Richard Ellis company, is an investment banking firm based in Houston, TX. The source of the funding and other details of the transaction were not disclosed.
Located on a 44-acre site on Route 73 here, The Promenade at Sagemore has a total of 53 retail tenants, according to L.J. Melody's Robert J. Krawiecki, who announced the transaction. The tenant roster currently includes such retail names as L.L. Bean, Banana Republic, Coldwater Creek, J. Crew, Coach, Guess, Ann Taylor, Organized Living and Panera Bread, according to Krawiecki. A.P.F. Chang's China Bistro is situated on an outparcel within the site.
"This financing package resulted from the combined efforts of the CB Richard Ellis brokerage staff, the funding resources of L.J. Melody, and the fact that this is a premier retail property," according to Krawiecki. "The Promenade at Sagemore has a preeminent tenant roster and it is located at the center of a growing and highly affluent population."
Owner Davis Enterprises, meanwhile, owns and operates a variety of investment properties. Formed back in 1962, the group has developed and currently manages more than 2,000 apartments and has more recently expanded actively into the commercial, industrial and hotel sectors.
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