Real Estate Journal — Shopping Centers — October 30 - November 12, 2015 — 7A


M id A tlantic

S hopping C enters

Investment sales team representing the seller was led by Munley & Cruz in $6.4m sale HFF closes sale of retail & self storage properties totaling $13.525m in suburban Philadelphia, PA

HILADELPHIA, PA — Holliday Fenoglio Fowler, LP (HFF) has closed the $6.275 million sale of Treasure Island Retail and the $7.25 million sale of Trea- sure Island Storage, two assets located on adjoining sites in the Philadelphia suburb of Cherry Hill, NJ. HFF marketed both proper- ties on behalf of the seller, Cayre Equities, who sold the proper- ties in two separate transac- tions. An affiliate of Paragon Realty Group LLC purchased Treasure Island Retail, and Extra Space Storage purchased Treasure Island Storage. Treasure Island Retail and Treasure Island Storage share an adjoining 9.38-acre site located at 101 Church Rd. in Cherry Hill, a suburb five miles from Philadelphia. The property is across the street from Cherry Hill Mall, and there are 280,941 residents living within a five-mile ra- dius of the assets with an annual average household income in excess of $81,000. The 107,390 s/f Treasure Is- land Retail is 100% leased to two tenants, Ashley Furniture HomeStore and Ollie’s Bargain Outlet. Treasure Island Stor- age’s three-story facility spans 98,214 net rentable s/f and houses 762 climate-controlled units in addition to 13 surface parking spaces. The facility features a ground-floor loading area, commercial loading docks and retail supplies on site. The HFF team represent- ing the seller in the Trea- sure Island Retail transaction was led by managing director Chris Munley . The HFF team represent- ing the seller for the Treasure Island Storage transaction was led by managing director Richard Schontz and direc- tor Barbara Guffey . “The Treasure Island Stor- age and retail property is a unique asset developed by the seller, who owns several types of commercial real estate investments,” Schontz said. “Prior to going to market, we advised the seller to cre- ate a condominium structure to allow for flexibility in the marketing process. We were able to offer the property to the market as one asset or individual assets and uses, which allowed us to access the appropriate buyer pool for each use. Ultimately, were able to create more activity, yield- ing 15 offers and a significant P

premium in the sale price by selling each condominium to separate buyers.” “This is a great example of howHFF approaches each deal by putting the best team on the field,” Munley added. “We were able to work as a team across our product specialties to think creatively and execute on a complicated deal.” HFF has closed the $6.4 mil- lion sale of Nottingham Shop- ping Center, a 24,396 s/f retail center with a freestanding Walgreens in Hamilton, NJ. HFF arranged the sale of the property on behalf of the

seller, Mercer Realty, LLC . The buyer, an affiliate of pri- vately-held real estate invest- ment firm PAG Investments, was represented by Chaim Dahan Esq, of The Dahan Law Firm . The HFF investment sales team representing the seller was led by managing director Chris Munley and senior managing director Jose Cruz . “With retail cap rates con- tinuing to compress in the Mid-Atlantic, acquisitions that have a value-add com- ponent are in high demand,” Munley said. n

Treasure Island Retail

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