A three-building, Class A office complex located in Exton, Pa., recently changed hands in a deal secured by HFF. The broker closed the $45.3 million sale of and arranged $34 million in financing for the Valley Creek Corporate Center, on behalf of a joint venture between Pembroke IV and Cleveland-based Ten Capital Management. HFF also secured a 10-year acquisition loan at a fixed rate of 4.30%, placed with Barclays Capital.
An HFF investment sales team led by Senior Managing Director Doug Rodio, Managing Director Brett Segal, Director Ben Appel and Senior Managing Director Jose Cruz represented the seller in the transaction. The HFF debt placement team was led by Managing Director Ryan Ade and Associate Director Neil Campbell.
“This ‘best-in-class’ asset boasts an impressive mix of global corporate headquarters and credit worthy tenants and is situated in the Route 202 corridor, one of suburban Philadelphia’s most desirable locations,” Doug Rodio said in a statement.
The Valley Creek Corporate Center at 220, 222 and 224 Valley Creek Blvd. in Exton was completed back in 2002 and totals 259,163 square feet of office space. The complex offers immediate access to a plethora of dining, shopping and entertainment destinations, including the 725-acre Exton Park. The asset was 95.2% leased at the time of sale, with an average weighted lease term of 5.5 years.