5-15-20

18B — May 15 - 28, 2020 — Pennsylvania — M id A tlantic Real Estate Journal

www.marej.com

P ennsylvania Penrose Plaza, a 263,847 s/f grocery-anchored SC JLL arranges refinancing for Philadelphia retail center

HILADELPHIA, PA — JLL Capital Mar- kets has arranged a refinancing for Penrose Plaza, a 263,847 s/f, grocery-anchored shopping center in Philadel- phia. JLL worked on behalf of the borrower, a joint venture between Onyx Equities and Siguler Guff, to place the five- year, fixed-rate loan with AXA Equitable Life Insurance Co . Loan proceeds, which in- clude an initial and future fund- ing, will be used to refinance an existing loan and finish implementing the borrower’s value-add business plan. The JLL Capital Markets P For the Wilmington, DE of- fice market, absorption in the first quarter measured the largest quarterly gain in more than a decade, over 400,000 s/f. Christiana Care Health System and Solenis’ significant occupancies at Avenue North, a redevelopment of AstraZen- eca’s former campus in the Wilmington suburbs, primar- ily drove the growth. Suburban development and redevelop- ment announcements made in

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Penrose Plaza

www.theagi.org info@theagi.org 215.825.1422

debt placement teamwas led by managing director Steve Klein and senior managing director Ryan Ade . “JLL is grateful to have had the opportunity to work along- side Onyx Equities, Siguler Guff and AXA Equitable Life Insurance Co. on this transac- the first quarter included Mar- lette Funding signing a lease for a 60,000 s/f build-to-suit at The Concord, BPG Group’s mixed-use reimagining of the former Concord Plaza. Delle Donne & Associates , the de- veloper behind Avenue North, announced it would purchase a portion of DuPont’s Chestnut Run Labs campus and work with DuPont to redevelop and transform the space into a mixed-use environment. In the short-term, developers

tion,” Klein said. “The borrow- er has greatly enhanced the shopping center since taking ownership, and we are looking forward to the completion of their value-add business plan, which will further improve the property for both shoppers and tenants alike.”  may pause on projects to see if office occupiers start to shed large amounts of space due to the ongoing economic disrup- tion, but in the longer term, demonstrated tenant interest in these types of projects will lead developers to continue the established trend of repo- sitioning assets through en- hancement of further aesthetic appeal. Newmark Knight Frank, operated by Newmark Group, Inc. 

continued from page 17B Regional markets on strong footing before . . .

PUBLICATION DATE: MAY 29 DEADLINE: MAY 15

RETAIL DEVELOPMENT REIMAGINED ARCHITECTURE/CONSTRUCTION & ENGINEERING 2020 RESOURCE DIRECTORY INDUSTRIAL/DISTRIBUTION CENTERS

PUBLICATION DATE: JUNE 12 DEADLINE: MAY 29

CREATIVE FINANCING VIRGINIA NORTHERN NJ NORTHEASTERN PA INDUSTRIAL/DISTRIBUTION CENTERS

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