May 17, 2018 Comments Off on Lehigh Valley Retail Center Trades for $55M Views: 2703 National News, Northeast, Pennsylvania

Lehigh Valley Retail Center Trades for $55M

HFF arranged the $55.25-million sale and $50.4-million in acquisition financing for MacArthur Commons, a 371,886-square-foot, fully-leased, grocery-anchored power center in Pennsylvania’s Lehigh Valley. An affiliate of Abrams Realty & Development purchased the asset, free and clear of existing debt.

The center is fully leased to GIANT Food Stores, as well as national anchors Burlington, Dick’s Sporting Goods, Big Lots and T.J.Maxx. Housed on 47 acres at 2631 MacArthur Rd., the property is situated in the region’s “go to” retail destination, and is accessible via Route 20.

HFF’s Chris Munley, Michael DiCosimo and Jose Cruz marketed the property on behalf of the undisclosed seller. HFF’s James Conley secured a floating-rate acquisition loan.

The buyer was able to obtain long-term lease extensions with the anchor tenants and gained approval to develop several outparcels, thus creating a highly competitive marketing process for the financing.

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