18B — November 13 - December 10, 2020 — Pennsylvania — M id A tlantic Real Estate Journal
www.marej.com
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-
NORTHERNEASTERN
Keith Seymour
January 15 Issue | Deadline Dec. 25 SOUTHEASTERN PA
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