Wednesday, April 27, 2016

Hampshire/MCB Partnership Acquires 18.5-Acre Philadelphia-Area Mixed-Use Retail Center

by Steve Lubetkin
A partnership of The Hampshire Companies and MCB Real Estate has acquired the Drexeline Shopping Center, a 264,417-square-foot, grocery-anchored, mixed-use retail center with office space in the Philadelphia suburb of Drexel Hill, PA.

$21.7 million in acquisition financing was arranged for the partnership, working with the lender, Flushing Bank, to provide permanent financing. Loan proceeds will be used for the acquisition and a secure line of credit for redevelopment and repositioning of the shopping center.

Consisting of five buildings, Drexeline Shopping Center is home to more than 40 retail and office tenants, including grocery-anchor Shop Rite, Ace Hardware, Anthony’s Restaurant, PNC Bank, Drexel Hill Pediatrics Associates and Children’s Dental Health Associates. The mixed-use center is situated on 18.46 acres at 4990-5100 State Road at the signalized intersection of State Road and Route 1. Drexeline Shopping Center is located in Drexel Hill in the western part of Upper Darby Township nine miles west of Center City Philadelphia.

“Drexeline Shopping Center is situated in an infill location with great demographics. The partnership between MCB Real Estate and The Hampshire Companies has an excellent opportunity to refresh, stabilize and reposition the center for the long-term benefit of the local community.”

“Flushing Bank quickly understood the shopping center’s potential and was eager to work with both MCB and The Hampshire Companies to help fulfill their vision for the property."

“Flushing Bank has been a leader in commercial real estate and multi-family lending in the New York Metropolitan area for many years,” says Ron Hartmann, executive vice president for commercial real estate lending at Flushing Bank. “We are excited to expand our lending expertise in support of larger commercial real estate transactions in similar metropolitan markets. Our customers also have the benefit of a robust complement of online banking services, including operating accounts and cash management services.”

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