HFF arranged $23.8 million in acquisition financing for a seven-property retail portfolio totaling 99,675 s/f in Maryland, New Jersey and Pennsylvania.
Working exclusively on behalf of an affiliate of Lakewood, NJ-based Paramount Realty Services, Inc., HFF secured the seven-year, fixed- rate loan through Investors Bank.
The properties included in the financing are: Bricktown Center in Bricktown, New Jersey; Brookhaven Plaza in Brookhaven, Pennsylvania; Howell Plaza in Howell, New Jersey; Sea Girt Plaza in Wall, New Jersey; Philadelphia Plaza in Philadelphia, Pennsylvania; Exton Plaza in Exton, Pennsylvania and Owings Mills Plaza in Owings Mills, Maryland. The portfolio was 100 percent occupied at closing by tenants including Best Buy, Staples, three full-service WAWA Convenience stores, JoS. A. Bank, CVS and Santander Bank.
The HFF team representing the buyer was led by senior managing director Jon Mikula and managing director Jim Cadranell.
Paramount Realty Services, Inc. was founded in 1994 as a full-service commercial real estate firm specializing in retail real estate in the Northeast. Paramount Realty owns and operates more than five million square feet of shopping centers throughout New Jersey, Connecticut, Massachusetts, Maryland and eastern Pennsylvania.
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