Village Square, 4000 Oxford Drive, Pittsburgh, PA
PITTSBURGH, PA—Holliday Fenoglio Fowler has arranged a $39.5 million refinancing for Village Square, a 392,497-square-foot, fully-leased retail power center in the Bethel Park area of Pittsburgh, PA.
HFF worked on behalf of the borrower, Oxford Development Company, to place the 10-year, fixed-rate loan with Goldman Sachs. HFF will service the securitized loan, proceeds of which were used to primarily pay off a maturing loan.
Village Square was built in 1982 and renovated in both 1997 and 2003. Anchored by Home Depot, Kohl's, Burlington Coat Factory, Michael's, Office Depot and Toys”R”Us, the two-story center is also home to a variety of national and regional tenants, including Half-Price Books, Sten's Stride Rite Shoes, Famous Footwear and Avenues. Additionally, the center's outparcel pads are leased to Olive Garden, TGI Friday's, Pennzoil and PA Wine & Spirits. Situated in Bethel Park on 31.4 acres at 4000 Oxford Drive, Village Square's location at the intersection of Fort Couch Road and U.S. Route 19 places it in the heart of Pittsburgh's South Hills, one of the most densely populated and affluent areas in Pittsburgh. The center is approximately 10 miles from downtown Pittsburgh.
HFF's debt placement team was led by managing director Claudia Steeb and executive managing director John Pelusi.
“HFF appreciates the opportunity to place this loan on behalf of Oxford Development with Goldman Sachs,” Steeb says.
Oxford has been active in the South Hills area since 1962 when they broke ground with their inaugural project, South Hills Village Mall, and most recently with the renovation of the Crowne Plaza Hotel & Suites Pittsburgh South.
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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].
