CBRE announced Wednesday it has arranged the sale and financing for a 100,250-square-foot shopping center in Easton, Pennsylvania.
CBRE’s Brad Nathanson and John Colussi negotiated on behalf of the seller, Retail Properties of America Inc., and identified the buyer, a joint venture between Triple Crown Corp. and J.C. BAR Properties Inc. CBRE’s Thomas Gorman, senior vice president of Debt & Structured Finance, secured $18 million in financing on behalf of the buyer.
Forks Town Center, located at 301 Town Center Blvd., is located in the heart of the Lehigh Valley—approximately an hour north of Philadelphia and 90 minutes west of New York City.
“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,” Nathanson said.
“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,” Gorman said.