CALL US TODAY · 215-493-1900
Blog Layout
AFA Real Estate Partners Acquires Corporate Headquarters of Virtua Health, Inc.
Website Editor • Mar 12, 2019
YARDLEY, PA, April 10, 2019 – AFA Real Estate Partners, through its subsidiary AFAMAR LLC, has acquired Lippincott Centre (“Lippincott”) in Marlton, NJ, for $32,000,000. Lippincott is a two-building, 165,742 square feet Class A office complex located at 301 & 303 Lippincott Drive in Evesham Township, Marlton, NJ. The seller, represented by HFF, LP, was Greenfield Partners, a private equity real estate investment firm located in Westport, CT.
Lippincott is a fully-leased, Class A, office campus situated on 14 acres in the heart of vibrant Marlton, NJ, surrounded by top-notch amenities and providing immediate access to Route 73 along with proximity to Routes 70 and 38, Interstate 295, and the New Jersey Turnpike.
The corporate headquarters of Virtua Health, Inc. (“Virtua”), South Jersey’s leading healthcare system comprised of a network of hospitals, surgery centers, and physician practices, occupies 83% of Lippincott. Additional tenants include Friedman, LLP, a leading accounting firm with its headquarters in New York City, and Morgan Stanley Wealth Management.
Financing for the purchase of Lippincott was provided by Investors Bank, along with investments from AFA Real Estate Partners principals and investors. Investor capital was raised from accredited investors through private, non-qualified funds, as well as IRAs, 401(k)s and pensions. AFAMAR projects to pay approximately 8% bi-annual distributions to equity investors while providing additional benefits as a result of depreciation and amortization.
For AFA Real Estate Partners, the transaction expands its commercial real estate portfolio to four properties following the July 2017 acquisition of the 356,000+ square foot Great Valley Commerce Center in Malvern, PA, the January 2017 acquisition of the 124,000+ square foot Corsair I office building in King of Prussia, PA, and the August 2016 acquisition of the 109,000+ square foot BJ’s Wholesale Club in Maple Shade, NJ. AFA Real Estate Partners’ total portfolio consists of over 756,000+ square feet of commercial real estate with an asset value of $144,000,000.
Robert Connell, Managing Member of AFA Real Estate Partners, says, “AFA Real Estate Partners continues to build a growing and vibrant real estate investment operation with a Greater Philadelphia and New Jersey footprint. We are delighted to acquire a truly picturesque property with the highest quality tenants we could find in Virtua, Friedman, and Morgan Stanley. Virtua is a tremendous addition to our expanding roster of healthcare-related tenants providing important and necessary services in their communities.”
For inquiries and information, please contact info@afarep.com, (215) 493-1900, or visit www.afarep.com.
Yardley, PA – November 21, 2023 – AFA Real Estate Partners (AFA) purchased two Class A Office buildings in Saucon Valley’s Stabler Pathways corporate park on November 7, 2023. Located at 3701 and 3773 Corporate Parkway in Center Valley, PA the two-building portfolio comprises 146,000 rentable square feet of Class A Office space. The purchase price was $21,000,000. The combined portfolio is 76% leased with the primary tenants being Aesculap, Inc., a surgical devices company, and Fisher Clinical, a pharmaceutical and drug development company. AFA adds to its Lehigh Valley portfolio with the acquisition accompanying the 2020 purchase of 3477 Corporate Parkway in Center Valley. “Given the macroeconomic backdrop, we felt as though any opportunity to add to our portfolio had to present such potential that we could not say no. Our familiarity with and bullishness on the Lehigh Valley geographic subregion was a critical reason for this purchase,” said Robert Connell, Managing Member of AFA. “This project offered the right mix of in-place stability and asymmetric upside. We are never afraid to roll up our sleeves and do the hard work that needs doing, and we are confident that our efforts on this project will offer long-term rewards.” On the heels of its 2022 purchase of Arlington Center in Arlington, TX, and its 2023 second purchase in Blue Bell, PA, this acquisition now brings AFA's total commercial real estate portfolio to around 1.4 million square feet. The seller was PennCap Properties out of Bethlehem, PA. Financing for the purchase came from AFA investors and Community Bank out of Canton, NY.
Yardley, PA – May 13, 2021, AFA Real Estate Partners (AFA) purchased Montecito Towers in Las Vegas, Nevada, on May 7, 2021, for $48,600,000. The 177,341 square foot, six-story property in the northwest suburbs of Las Vegas is a trophy Class A office building boasting fine finishes, high ceilings, and a 7-to-1000 parking ratio. The property's anchor tenant is Asurion, one of the leading cell phone insurers in the United States. The recent sale of AFA's BJ's location enabled a 1031 exchange opportunity for AFA's investors, and the remaining financing secured was a $33,300,000 CMBS loan at an attractive 10-year fixed rate of 3.64%. AFA utilizes cost-segregation studies to optimize tax efficiency for our investors. "In a world of little to no yield, we are striving to find excellent quality diversification opportunities for our investors. Robert Connell, Managing Member of AFA, says "We view real estate as a cornerstone part of our clients' portfolios because they have the ability to provide excellent cash flows and tax benefits in today's times. The unprecedented low-interest-rate environment allows us to finance our properties at rates which enhance our investor's returns." This transaction was the second in a series of large commercial real estate transactions planned this year by the Yardley-based firm. AFA's commercial real estate portfolio consists of six properties located throughout Pennsylvania, New Jersey, and Las Vegas. AFA's total commercial real estate portfolio surpasses one million square feet. Important Disclosure Information Please Note: This is not a solicitation to invest in any future investment product. Private investment funds generally involve various risk factors, including, but not limited to, the potential for complete loss of principal, liquidity constraints, and lack of transparency. Investment in private funds is generally limited to qualifying investors. Unlike liquid investments, private investment funds do not provide daily liquidity or pricing. Please remember that past performance, success, or experience may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy or product (including those recommended or undertaken by Apex Financial Advisors, Inc.), will be profitable, be suitable for an individual's portfolio, or prove successful. Losses can and do occur. A copy of Apex's current written disclosure Brochure discussing its advisory services and fees remains available upon request or at www.apexfinancialadvisors.com .
Yardley, PA – May 13, 2021, AFA Real Estate Partners (AFA), on April 30, 2021, sold the BJ's located at 131 East Kings Highway in Maple Shade, NJ. This building housed a top-performing BJ’s store that included a liquor license and a retail tire shop. AFA purchased the building in August of 2016 for $15,600,000 and sold it to Realty Income, a publicly-traded real estate investment trust (NYSE: O), for $21,639,125. AFA Investors received cumulative annual cash flows of 8% and, utilizing the 1031 rolled over $2.09 for each $1.00 invested. The sale of the Maple Shade location enabled a 1031 exchange opportunity for AFA's investors. AFA utilizes cost-segregation studies to optimize tax efficiency for our investors. "In a world of little to no yield, we are striving to find excellent quality diversification opportunities for our investors. Robert Connell, Managing Member of AFA, says "We view real estate as a cornerstone part of our clients' portfolios because they have the ability to provide excellent cash flows and tax benefits in today's times. The unprecedented low-interest-rate environment allows us to finance our properties at rates which enhance our investor's returns." This transaction was the first in a series of large commercial real estate transactions planned this year by the Yardley-based firm. AFA's commercial real estate portfolio consists of six properties located throughout Pennsylvania, New Jersey, and Las Vegas. AFA's total commercial real estate portfolio surpasses one million square feet. Important Disclosure Information Please Note: This is not a solicitation to invest in any future investment product. Private investment funds generally involve various risk factors, including, but not limited to, the potential for complete loss of principal, liquidity constraints, and lack of transparency. Investment in private funds is generally limited to qualifying investors. Unlike liquid investments, private investment funds do not provide daily liquidity or pricing. Please remember that past performance, success, or experience may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy or product (including those recommended or undertaken by Apex Financial Advisors, Inc.), will be profitable, be suitable for an individual's portfolio, or prove successful. Losses can and do occur. A copy of Apex's current written disclosure Brochure discussing its advisory services and fees remains available upon request or at www.apexfinancialadvisors.com .
