BOSTON, MA, July 8, 2014 - HFF announced today that it has closed the sale of Logan Town Centre, a 715,819-square-foot, grocery-anchored shopping center in Altoona, Pennsylvania.
HFF marketed the property exclusively for the seller, AVR-ALTOONA, L.P. The buyer, a private investor, purchased the center for $101.5 million and assumed the existing loan.
Logan Town Center is situated on 75 acres at 155 Falon Lane along Interstate 99, near Logan Valley Mall and the Altoona Campus of the Pennsylvania State University in central Pennsylvania. Completed in several phases from 2006 through 2012, the center is 98.4 percent leased to tenants including Giant Eagle Supermarket, Kohl`s, Best Buy, Staples, Bed Bath & Beyond, Michaels, Ross, Boscov`s and Dick`s Sporting Goods.
The HFF investment sales team was led by senior managing director Jim Koury and managing director Claudia Steeb.
"Logan Town Centre is an exceptional grocery-anchored power center property offering long-term leases, credit tenants, a strong sales record, excellent accessibility and visibility from I-99," said Koury. "It is the dominant shopping center within a 45-mile radius".
AVR Realty has been in business for over 45 years and has built, acquired and developed over 30 million square feet of commercial and residential space. AVR`s portfolio includes office buildings, shopping centers, corporate and industrial properties, apartment complexes, residential communities and hotels.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (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 at twitter.com/hff.
HFF Senior Managing Director
HFF Managing Director
HFF Associate Director, Marketing
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Source: HFF, Inc. via GlobeNewswire