Drexeline Town Center, a project by affiliates of MCB Real Estate LLC and The Hampshire Cos., will include a 72,000-square-foot ShopRite and other retail space at 5100 State Road, along with a future phase of 172 luxury apartments and a 120,000-square-foot self-storage facility. — Courtesy: JLL
By Joshua Burd
A joint venture has landed nearly $43 million in financing to build a mixed-use, grocery-anchored development at the site of an existing commercial complex outside Philadelphia.
According to JLL, which sourced the debt, plans for the project in Drexel Hill, Pennsylvania, call for a 72,000-square-foot ShopRite and other retail space at 5100 State Road, along with a future phase of 172 luxury apartments and a 120,000-square-foot self-storage facility. Affiliates of MCB Real Estate LLC and The Hampshire Cos. are spearheading the project, which they will complete with the newly obtained, $42.95 million loan facility from Investors Bank.
JLL senior managing directors Jon Mikula and Michael Klein and Vice President Michael Lachs, who are based in the firm’s Morristown office, placed the financing on the borrower’s behalf.
“After six long years, the sponsorship was able to successfully secure approvals for the redevelopment of the center,” Klein said. “Investors Bank quickly recognized the benefits that this transformed center would have on the community and was able to provide a unique loan structure that will enable the borrower to execute its redevelopment plan.”
In a news release, JLL said Drexeline Town Center will span 348,185 square feet across 18.5 acres. The site is currently home to a five-building retail and office property built between the 1950s and early 2000s, boasting a location at the southeast corner of Route 1 and State Road, but will soon become a mixed-use, walkable setting under the plan by MCB and Hampshire.
In addition to ShopRite, retail uses will include a Wawa convenience store with fuel service, a PNC Bank branch and 20,440 square feet of pad and inline retail space, according to a news release. The site will include direct access from Route 1 as well as improved, signalized access from State Road, in a location nine miles west of Philadelphia’s central business district and adjacent to SEPTA rail service.
