CBRE announced today that it has successfully arranged for the sale and acquisition financing of Forks Town Center—a 100,250 square foot shopping center located at 301 Town Center Boulevard in Easton, Northampton County, Pennsylvania.
CBRE’s Brad Nathanson and John Colussi negotiated on behalf of the seller, Retail Properties of America, Inc. (RPAI) and identified the buyer, a joint venture between Triple Crown Corporation and J.C. BAR Properties Inc. CBRE’s Thomas Gorman, senior vice president of Debt & Structured Finance, procured $18 million in financing on behalf of the buyer.
Built in 2002, Forks Town Center is located in the heart of the Lehigh Valley, approximately 60 minutes north of Philadelphia and 90 minutes west of New York City. Within five miles of the shopping center there are over 120,000 residents and average household incomes are nearly $79,000.
The shopping center—which was 98 percent occupied at the time of sale—is anchored by a 66,792 square foot Giant Food Store with contiguous shop space and two pad sites leased by PNC Bank and Dunkin’ Donuts.
Nathanson says “With the primary demand today being in grocery-anchored neighborhood shopping centers, investors are flocking to the market leader as an anchor as a flight to safety. With Giant’s leading market share, Forks Town Center was highly demanded nationally given its prominence in an expanding submarket as the Lehigh Valley.”
“We work closely with our sales team to preview properties with the financing market,” Gorman added. “This allowed us to quickly tailor the financing to the buyer’s requirements once the seller awarded the property.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website atwww.cbre.us.