HFF closes sale of fully-leased retail center in Lancaster County, Pennsylvania
PHILADELPHIA, PA – November 15, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Ephrata Commons, a 54,810-square-foot, fully-leased, grocery-anchored retail center in the Lancaster County community of Ephrata, Pennsylvania.
HFF marketed the property on behalf of TriGate Capital, LLC. Heidenberg Properties Group and its joint-venture partner, Strategic Real Estate Partners, purchased the asset free and clear of existing debt.
Ephrata Commons is anchored by Redner’s Warehouse Markets, a leading regional grocery brand with headquarters in Reading, Pennsylvania. The center is also home to RadioShack, Wild Wings & Pizza, Gehman Jewelers, Cecilia’s Beauty Salon and Tokyo Asian Cuisine. Situated on five acres at 385 Reading Road, the property is located on the primary north-south artery through the Ephrata submarket. Ephrata is centrally located in Pennsylvania between six major employment hubs, including Lancaster, Reading, Harrisburg and Philadelphia.
The HFF team representing the seller was led by managing director Chris Munley, associate director Michael DiCosimo and senior managing director Jose Cruz.
“Ephrata Commons has a performing grocery-anchor in Redner’s and is well-positioned real estate in the submarket,” Munley said. “The Central Pennsylvania area continues to get strong interest from the investment community due to its strategic regional location and access to employment.”
About TriGate Capital, LLC
TriGate Capital, LLC (TriGate) is a market leading real estate private equity firm focused on the recapitalization and repositioning of real estate assets and companies where the opportunity to add value exists. TriGate manages three fully discretionary real estate funds, TriGate Property Partners, LP (Fund I), TriGate Property Partners II, LP (Fund II) and TriGate Property Partners III, L.P. (Fund III), which are the vehicles through which TriGate conducts its investment strategy. Fund I and Fund II are fully invested and Fund III is presently in its investment period. TriGate is based in Dallas, TX and has completed investments throughout the United States. For more information, visit trigatecapital.com.
About Heidenberg Properties
Heidenberg Properties is a full-service real estate development company focused on the acquisition and development of open-air shopping centers, net-leased properties and secured note purchases in the Eastern United States. The group is actively seeking new acquisitions and development opportunities. Visit heidenbergproperties.com for more information.
About Strategic Real Estate Partners
Over the past 30 years, SREP Principals have been involved in the acquisition, development, leasing and ownership of multi-family units and retail properties. In addition, they have acquired mezzanine debt and distressed debt positions.