18B — November 13 - December 10, 2020 — Pennsylvania — M id A tlantic Real Estate Journal


P ennsylvania

Interest rate was locked at 2.82% for 10 years Cronheim secures $8.825MM for 25,000 s/f Phila. retail center

ENTER CITY, PA — Cronheim Mortgage arranged $8.825 million in permanent financing for the subject property, a 25,000± s/f neighborhood shopping center located just 14 miles from Cen- ter City in Philadelphia. The in- terest rate was locked at 2.82% for 10 years and was structured with two year of interest-only and a 25-year amortization thereafter. The loan was placed with New Jersey-based bank in Q1 2020. The property was 100% leased at closing to a combination of internet-resistant tenants in the food and service indus- LEVITTOWN, PA — Keith Seymour of Equity Retail Brokers represented the seller C

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25,000± s/f neighborhood shopping center in Philadelphia

of 63,000+ vehicles per day. The property is strategically located at a signalized intersection with three curb cuts on Roosevelt Blvd. and one on Red Lion Rd. The immediate consumer trade area includes a 3-mile popula- tion of 151,062 and an average household income exceeding $75,000. MAREJ food restaurant specializing in chicken and hamburgers at this location in 2021. The timing of this trans- action created several chal- lenges for both the buyer and seller as it related to the local, state and national impacts of COVID-19. Both buyer and seller worked diligently and patiently to see this transac- tion through. MAREJ

tries including Starbucks (drive through), Urgent Care, Verizon, and Dunkin’ Donuts, among others. Positioned along Roos- evelt Blvd., the dominant east/ west corridor through North Philadelphia, the asset position- ing offers irreplaceable visibility and abundant consumer audi- ence with traffic counts upwards

www.theagi.org info@theagi.org 215.825.1422

Equity Retail Brokers' Seymour arranges sale of 1,768± s/f

Upcoming Pennsylvania Spotlights December 11 Issue | Deadline Nov. 27

in the sale of a 1,768± s/f freestanding r e s t a u r a n t with a drive- thru in Levit- town, PA. The buyer, an affiliated

1,768± s/f Levittown

entity of a multi-state fast-food operator, plans to open a fast-


Keith Seymour

January 15 Issue | Deadline Dec. 25 SOUTHEASTERN PA



www.marej.com Contact Lea Christman lea@marejournal.com | 781 74. 0 29. 00

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