Dealmaker: Eastern Union Secures $73M for Retail Centers

Eastern Union, New York, secured $73 million in financing to acquire seven retail centers in four states.

The properties, arranged between January and July, are in suburban locations in Ohio, New York, Pennsylvania and Virginia. The combined size of the retail centers total 1,005,035 square feet.

Marc Tropp, Senior Managing Director with Eastern Union’s Mid-Atlantic Region office in Bethesda, Md., arranged the financing for America’s Realty, whose holdings consist of discount retailer-oriented shopping centers in “blue-collar Middle America.” Founded in 1987, the privately held company’s portfolio presently encompasses 125 properties totaling 12 million square feet.

Among the properties financed was the 283,308-square-foot Cressona Mall in Pottsville, Pa., which was acquired for $16 million. Another was Brice Park in Reynoldsburg, Ohio, a 147,800-square-foot shopping center purchased for $14.6 million.

“Despite stereotypes about banks being standoffish in respect to retail, the America’s Realty experience shows that they’ll still lend when the business case is compelling,” Tropp said.