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ISSUE HIGHLIGHTS Volume 24 Issue 2 January 27 - February 9, 2012 Development of the Month: DBSi’s TekPark

Marcus & Millichap represent buyer & seller in $16.6m sale WP Realty sells Festival at Exton & Berkshire Square for $40.6 million


xton, PA—WP Realty announced the $24 mil- lion sale of Festival at

Exton. Festival at Exton is a 152,000 s/f shopping center. The center, originally con- structed in 1991, was rede- veloped in 2008 to expand the vacant Clemens box to 52,748 s/f to accommodate Marshalls / Home Goods. WP Realty also announced the $16.6 million sale of Berk- shire Square located in Wyo- missing. Berkshi re Square i s a 323,044 s/f shopping center an- chored by Wal-Mart, Redner’s Markets, and Staples. WP Realty purchased a 112,119 s/f portion of the property in August 2005, with an occu- pancy rate of 100% including Redner ’s in 51,335 s/f and Staples in 23,144 s/f. Through a difficult economic environ- ment, WP Realty has main- tained near 100% occupancy


Economic Development Spotlight

Festival at Exton

at the center and has added long term stability to the asset by extending Redner’s term by 15 years through November 2020. Marcus & Millichap Real Estate Investment Services, Mark Taylor and Dean Zang, senior directors in the firm’s Washington, D.C. and Phila- delphia offices, represented

the seller, WP Realty, and the buyer, Paramount Realty Ser- vices Inc. “Berkshire Square is part of a larger nine-parcel condominiumproject known as Berkshire Square Condomini- ums,” said Taylor. “The shop- ping center is located within the condominium units and is shadow- anchored by Walmart and LA Fitness.”

“In addition to the complica- tion of the condominium issue, the property had a loan that needed to be assumed,” Taylor continues. “The assumption process was long and ardu- ous, but the seller and the buyer worked together to get through several obstacles pre- sented by the lender and the special servicer.” n


Jeffrey S. Horowitz of Cooper-Horowitz arranges financing totaling $32.7 million

Max Spann to speak at Network Conference

Jeffrey S. Horowitz of Cooper- Horowitz, Inc. has arranged the financing totaling $32.7 million on the following properties: 1. 183-11 Hillside Ave., Ja- maica, NY: An existing apart- ment building containing 163

units, medical offices and on- site parking. The loan was for $6 .million 2. 31-19 Newtown Ave., As- toria, NY: An existing 10 story office building. The loan was for $12.7 million. 3. 633-647 Old Post Rd., Bed- ford Village, NY: An existing historic 3-story building with 25 apartments and 6 retail stores The loan was for $3.8 million. 4. 299 St. Marks Pl., Staten Island, NY: An existing 6 story apartment building containing 70 units. The loan was for $4 million. 5. 116-118 MacDougal St., New York, NY: Two 5-story walk up apartment buildings containing 38 units and 4 re- tail stores. The loan was for $5million. 6. 105 Ave. B, New York: mixed-use building containing 12 apartments and 2 retail stores. The loan was for $1.2 million. n


Green Buildings........................................ 5-12A Owners, Developers & Managers. ......... 13-24A Economic Development......................... 25-37A Shopping Centers featuring ICSC Show....Section B Directory Upcoming Spotlight Property Management Spotlight February 10th Extra distribution at IREM Conference & Expo


183-11 Hillside Avenue, Jamaica, NY

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