12C —August 25 - September 14, 2017 —ICSC PA/NJ/DE Idea Conference & Deal Making — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
Team closes on over $50 million in retail financing deals in the Southeast Eastern Union Funding Arranges $3.3 million loan for Virginia Retail Plaza bought in auction S outh Boston, VA — Eastern Union Funding recent ly ICSC PA/NJ/DE I dea C onference & D eal M aking
a r r a n g e d a $3.3 mil- l i o n l o a n for a shop- ping center in Virginia purchased at auction. The transaction
Marc Tropp
caps more than $50 million in retail acquisitions and re- finances in the Southeast in recent months for the firm’s
Hupps Mill Plaza in South Boston, VA
Belk at Hupps Mill Plaza in South Boston, Va
RE_ad_version1.qxp 11/2/2005 11:54 AM Page 1
Mid-Atlantic group. Hupps Mill Plaza in South Boston, VA, was up for sale in an online auction through CW Capital. Built in 1972, the 17.32 acre retail plaza was assessed at $7.1 million and was 76.46% occupied at the time of purchase, with Belk, Goody’s and Shoppers Value Foods as anchors. Other tenants include Sher- winWilliams, Advance Auto, Family Dollar and the Com- monwealth of Virginia. The majority of the existing ten- ancy has leased space for 15 years or more. “This transaction closed with a balance sheet lender in 30 days, and highlights the brisk activity that we are experiencing for sourcing acquisition and refinanc- ing loans for retail proper- ties across the Mid-Atlantic and Southeast,” said Marc Tropp , senior managing director with Eastern Union, who leads the Mid-Atlantic office. “I don’t see the pace slowing down.” Tropp’s team also recently arranged a $10.5 million acquisition loan on behalf of Pratt Street Capital for the 92,000 s/f Hilltop Square Shopping Center in Virginia Beach. The property was 92% leased at the time. In another transaction, the group ar- ranged a $2.45 million loan for the Ranson Shoppes, a 16,300 s/f, 100% leased prop- erty in West Virginia. Tropp also sourced the acquisition loan for the $29.25 million purchase of the Market at Opitz Crossing in Wood- bridge, VA. n
Seeking Retail Opportunities Consistently Ranked #1 Franchise - 50+ Y ear T rack Record
Looking for sites in PA & S. NJ End Cap, In-line, Free Standing Flexible Space Requirements
Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports
Eastern PA — Local Contacts: Philadelphia PA & Southern NJ —
610-366-8120 x 24, Cheryl Green green_c@sdepa.com 410-752-6760, Evan Brodie evan@sandhumanagement.com
realestate.subway.com www.subway.com
facebook.com/SDEPA1
Made with FlippingBook Online newsletter