Evolve IP Corporate Center totals 376,303 square feet in Wayne, PA.
WAYNE, PA—Holliday Fenoglio Fowler exercised its matchmaking skills and arranged the joint venture partnership between PDC-Old Eagle and Long Wharf Real Estate Partners that acquired Evolve IP Corporate Center, a 41-acre, 12-building office park with 376,303 square feet in Wayne, PA.
HFF secured the $29.6 million, five-year, fixed-rate acquisition loan for the deal through John Hancock's Real Estate Finance Group. It also arranged the joint venture equity for the partnership. PDC-Old Eagle is a partnership of three Philadelphia area real estate professionals with a combined 75 years of experience in the market. Long Wharf is a Boston-based private equity real estate manager focused exclusively on value-added investments in the US, and invests on behalf of institutional clients, including public and corporate pension funds, endowments, foundations and family offices.
Evolve IP Corporate Center, at 983-999 Old Eagle School Road in the Philadelphia suburb of Wayne, PA, is a half-mile from US Routes 202 and 422, one mile from Interstate 76 (The Schuylkill Expressway) and one and a half miles from Interstate 276 (The Pennsylvania Turnpike) approximately 20 miles from Philadelphia's central business district. The 12 single-story buildings are 80.2 percent occupied by 95 tenants, including Evolve IP, McBee Associates, Administrative Concepts, YSC Academy, Prosoft Software, and North American Specialty Products. The park was originally built between 1974 and 1980 and was most recently renovated between 2007 and 2010.
The HFF joint venture equity and debt placement team representing the borrower was led by senior managing director Jim Cadranell.
Long Wharf Real Estate Partners' team was led by director John Schonborn. PDC-Old Eagle's team was led by Pat McNulty.
HFF, As Matchmaker, Arranges JV to Acquire Philadelphia Office Park
WAYNE, PA—Holliday Fenoglio Fowler exercised its matchmaking skills and arranged the joint venture partnership between PDC-Old Eagle and Long Wharf Real Estate Partners that acquired Evolve IP Corporate Center, a 41-acre, 12-building office park with 376,303 square feet in Wayne, PA.
HFF secured the $29.6 million, five-year, fixed-rate acquisition loan for the deal through John Hancock's Real Estate Finance Group. It also arranged the joint venture equity for the partnership. PDC-Old Eagle is a partnership of three Philadelphia area real estate professionals with a combined 75 years of experience in the market. Long Wharf is a Boston-based private equity real estate manager focused exclusively on value-added investments in the US, and invests on behalf of institutional clients, including public and corporate pension funds, endowments, foundations and family offices.
Evolve IP Corporate Center, at 983-999 Old Eagle School Road in the Philadelphia suburb of Wayne, PA, is a half-mile from US Routes 202 and 422, one mile from Interstate 76 (The Schuylkill Expressway) and one and a half miles from Interstate 276 (The Pennsylvania Turnpike) approximately 20 miles from Philadelphia's central business district. The 12 single-story buildings are 80.2 percent occupied by 95 tenants, including Evolve IP, McBee Associates, Administrative Concepts, YSC Academy, Prosoft Software, and North American Specialty Products. The park was originally built between 1974 and 1980 and was most recently renovated between 2007 and 2010.
The HFF joint venture equity and debt placement team representing the borrower was led by senior managing director Jim Cadranell.
Long Wharf Real Estate Partners' team was led by director John Schonborn. PDC-Old Eagle's team was led by Pat McNulty.
About PDC-Old Eagle LLC
PDC-Old Eagle LLL is a partnership group comprised of three experienced real estate professionals who have a combined 75 years servicing the Philadelphia marketplace.
About Long Wharf Real Estate Partners LLC
Long Wharf Real Estate Partners LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Investing on behalf of institutional clients, including public and corporate pension funds, endowments, foundations and family offices, Long Wharf utilizes a broad-based value-added strategy targeting opportunities in multiple property sectors and markets across the country. Including experience prior to becoming an independent firm in 2011, Long Wharf has invested in real estate transactions totaling nearly $9 billion in gross capitalization since 1995. For more information please visit www.lwrep.com.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Evolve IP Corporate Center totals 376,303 square feet in Wayne, PA.
WAYNE, PA—Holliday Fenoglio Fowler exercised its matchmaking skills and arranged the joint venture partnership between PDC-Old Eagle and Long Wharf Real Estate Partners that acquired Evolve IP Corporate Center, a 41-acre, 12-building office park with 376,303 square feet in Wayne, PA.
HFF secured the $29.6 million, five-year, fixed-rate acquisition loan for the deal through John Hancock's Real Estate Finance Group. It also arranged the joint venture equity for the partnership. PDC-Old Eagle is a partnership of three Philadelphia area real estate professionals with a combined 75 years of experience in the market. Long Wharf is a Boston-based private equity real estate manager focused exclusively on value-added investments in the US, and invests on behalf of institutional clients, including public and corporate pension funds, endowments, foundations and family offices.
Evolve IP Corporate Center, at 983-999 Old Eagle School Road in the Philadelphia suburb of Wayne, PA, is a half-mile from US Routes 202 and 422, one mile from Interstate 76 (The Schuylkill Expressway) and one and a half miles from Interstate 276 (The Pennsylvania Turnpike) approximately 20 miles from Philadelphia's central business district. The 12 single-story buildings are 80.2 percent occupied by 95 tenants, including Evolve IP, McBee Associates, Administrative Concepts, YSC Academy, Prosoft Software, and North American Specialty Products. The park was originally built between 1974 and 1980 and was most recently renovated between 2007 and 2010.
The HFF joint venture equity and debt placement team representing the borrower was led by senior managing director Jim Cadranell.
Long Wharf Real Estate Partners' team was led by director John Schonborn. PDC-Old Eagle's team was led by Pat McNulty.
HFF, As Matchmaker, Arranges JV to Acquire Philadelphia Office Park
WAYNE, PA—Holliday Fenoglio Fowler exercised its matchmaking skills and arranged the joint venture partnership between PDC-Old Eagle and Long Wharf Real Estate Partners that acquired Evolve IP Corporate Center, a 41-acre, 12-building office park with 376,303 square feet in Wayne, PA.
HFF secured the $29.6 million, five-year, fixed-rate acquisition loan for the deal through John Hancock's Real Estate Finance Group. It also arranged the joint venture equity for the partnership. PDC-Old Eagle is a partnership of three Philadelphia area real estate professionals with a combined 75 years of experience in the market. Long Wharf is a Boston-based private equity real estate manager focused exclusively on value-added investments in the US, and invests on behalf of institutional clients, including public and corporate pension funds, endowments, foundations and family offices.
Evolve IP Corporate Center, at 983-999 Old Eagle School Road in the Philadelphia suburb of Wayne, PA, is a half-mile from US Routes 202 and 422, one mile from Interstate 76 (The Schuylkill Expressway) and one and a half miles from Interstate 276 (The Pennsylvania Turnpike) approximately 20 miles from Philadelphia's central business district. The 12 single-story buildings are 80.2 percent occupied by 95 tenants, including Evolve IP, McBee Associates, Administrative Concepts, YSC Academy, Prosoft Software, and North American Specialty Products. The park was originally built between 1974 and 1980 and was most recently renovated between 2007 and 2010.
The HFF joint venture equity and debt placement team representing the borrower was led by senior managing director Jim Cadranell.
Long Wharf Real Estate Partners' team was led by director John Schonborn. PDC-Old Eagle's team was led by Pat McNulty.
About PDC-Old Eagle LLC
PDC-Old Eagle LLL is a partnership group comprised of three experienced real estate professionals who have a combined 75 years servicing the Philadelphia marketplace.
About Long Wharf Real Estate Partners LLC
Long Wharf Real Estate Partners LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Investing on behalf of institutional clients, including public and corporate pension funds, endowments, foundations and family offices, Long Wharf utilizes a broad-based value-added strategy targeting opportunities in multiple property sectors and markets across the country. Including experience prior to becoming an independent firm in 2011, Long Wharf has invested in real estate transactions totaling nearly $9 billion in gross capitalization since 1995. For more information please visit www.lwrep.com.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
