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