PHILADELPHIA, PA–HFF arranged $60 million infinancing for Concordville Town Centre, a397,188-square-foot, Home Depot- and AcmeMarkets-anchored retail center in Glen Mills,PA.
HFF worked on behalf of the borrower,Brandolini Companies, to secure the long-term,fixed-rate mortgage with an institutional insurance company. The loan will be used to repay existing indebtedness.
The 99.3-percent-occupied Concordville TownCentre consists of 12 buildings and one pad site leased toMarshalls, HomeGoods, Staples, PetSmart, Wells Fargo Bank,Outback Steakhouse, Santander Bank andBertucci's along with anchors HomeDepot and Acme Markets. Additionally, Target shadow-anchors thecenter. The 69-acre property at 101 ByersDrive is near the intersection of Routes 1 and 322. Within one mile of the property, there has been a 100-percentincrease in growth over the last 10 years and, currently, there areseveral new multi-housing and medical office developments that willfurther increase the residential and daytime populations proximateto the center.
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