Friday, March 7, 2014

Amerimar Invests in 401 North Broad St.

By John Jordan, contributing writer for Real Estate Forum and 

Locally-based Amerimar Enterprises Inc. and Abrams Capital of Boston have acquired 401 North Broad St. here from Stillman Property Group of New York City and plan to undertake a $70-million capital program on the 1.3-million-square-foot Internet and data center building.
Amerimar and Abrams say they are partnering with New York City-based communications network and real estate investor Hunter Newby to own and operate the property.
No financial terms of the transaction were released. Debt financing was provided by Starwood Property TrustRopes & Gray LLP, with a team led by partner Walter R. McCabe III, represented Amerimar and Abrams Capital in the purchase.
"Over the past 30 years, 401 North Broad was strategically repositioned to become the preeminent telecom carrier hotel in the Philadelphia region under the stewardship of The Stillman Group. Amerimar looks forward to continuing with the repositioning of the property through our $70-million capital improvement program," states Jerry Marshall, CEO of Amerimar. "401 North Broad, with over 80 networks, is a logical addition to our portfolio of carrier hotels; and we are very excited to partner with Hunter Newby on yet another telecom property."
The 11-story building was originally built in 1931 and has since been redeveloped into a fiber-dense, network-neutral facility, company officials state. The building serves as a major hub for data and Internet traffic and provides data center infrastructure for carriers, service providers, and enterprise customers.

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