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Trefoil Properties was founded by Robert T. Wrigley in 1990. During its first decade of operations, the Company was a "merchant" developer, purchasing raw land, obtaining approvals for those sites, constructing the vertical assets and selling the stabilized product at a profit. The formula was highly successful; however, Trefoil's management eventually identified a greater opportunity involving the creation of a new fund that retains high quality properties for a long term holding period.
This strategy was implemented in 2001 with the founding of Spectrum Alliance, LP. The main driver behind this approach was Trefoil's intent to form a stabilized foundation of assets that would smooth out the cyclical nature of the real estate sector and provide consistent returns to investors. This strategy is bolstered by the diversification offered by Spectrum, which consists of multiple property types, varied locations throughout the Mid-Atlantic area, and a wide-ranging roster of tenants throughout the portfolio.
Spectrum's long term focus also permits Trefoil to continue with its core philosophies: hands-on management by all executives; a focus on high quality product with locations that will promote long-term appreciation; oversight of quality controls, including construction management and property management; careful lease negotiations; green ("environmentally-friendly") initiatives; and granular pre-development due diligence.
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Located at the intersection of Routes 113 and 63 in Harleysville, Montgomery County, PA, the Shops of Harleysville is a 180,000 sf community shopping center anchored by Wal-Mart and a Giant supermarket. The Center was developed by Trefoil, and was originally owned by a partnership including Trefoil and a regional grocery entity. Development of the center entailed a complicated zoning swap with the property across Route 63. This re-zoning allowed the center to be constructed on more visible, more accessible land.
Trefoil negotiated the sale of the center to an investor client upon the completion of construction in 1997. The center has had 100% occupancy since opening in 1997, and enjoys a healthy tenant mix. It is managed by Tremark Management. The Shops of Harleysville won an award for excellence in 1997 from the Lehigh Valley Association of Building Contractors.
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Ralph's Corner is a 251,000 sf community retail center located at the intersection of Forty Foot Road and Route 63 (Main Street) in Lansdale, Montgomery County, PA. The Center was developed by Trefoil in 1991. Trefoil expanded the original development, which began as a standalone supermarket, to its present size. The property was profitably sold in 1997 to a Trefoil client with Tremark Management continuing as property manager and leasing agent for the present owners.
Ralph's Corner has been nearly 100% leased for the past five years. Anchor tenants, drawn by the strong demographics of the area and the regular following of loyal customers, include Kohl's, Super Fresh, Ross Dress for Less, and CVS Pharmacy. Other national tenants include McDonald's, Famous Footwear, Dress Barn, and Applebee's Restaurant.
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| Towamencin Corporate Center is a multi-phased office development situated on approximately 30 acres in central Montgomery County, Pennsylvania. The site is strategically located 200 yards from Interchange 31 of the Northeast Extension of the Pennsylvania Turnpike. At its southern terminus (ten miles from our interchange), the Turnpike flows into the Blue Route, a 21.5 mile highway that connects central Montgomery County with Philadelphia, the International Airport and cities north and south along U.S. Routes 1 and 95. Both highways (NE Extension of the Turnpike and the Blue Route) are now known as I-476.
The land at the corporate park is subject to a condominium agreement, permitting shared common elements, (i.e. parking, access points, storm water management) and a continuity of design.
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In 1992, Trefoil developed the first phase of Towamencin Corporate Center. This phase consisted of a 53,000 sf office building and a 17,000 sf single story quasi-light industrial "Country Kitchen". The office building was more than 60% occupied by a regional supermarket chain and was then fully leased by other regional and national tenants. The Country Kitchen housed the prepared food facility for the supermarket chain, and was later sold to a third party, who has changed the building into a single user office space with product showroom.
Trefoil sold its share of the first phase to the supermarket chain at the same time we acquired sole development rights for "Phase III", which includes 1690 Sumneytown, 1670 Sumneytown and the restaurant. The second phase, a vacant office pad that is not scheduled for development at this time, was sold to the supermarket chain as well. Tremark Management continues to maintain the entire condominium property.
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| The Rosecliff parcel was developed by Trefoil in conjunction with the Shops of Harleysville shopping center project. Rosecliff, approximately 10 minutes from the Lansdale Interchange of the Northeast Extension of the Pennsylvania Turnpike, consists of 89 townhouses on 20 acres. The land for Rosecliff was originally zoned for shopping center use, but the property is elevated well above street level with poor visibility and access from the intersection. Trefoil, recognizing an opportunity to create a more viable retail project across the street, worked with the municipality to transfer the zoning to a thirty-acre site across Route 63, which had been zoned Residential. The thirty-acre parcel, which would become the Shops of Harleysville, had better topography and more convenient access for commercial use. We secured municipal land development approval on the re-zoned Rosecliff tract, and sold the property to a local builder for the construction of the townhouses.
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| Forrest View is located within 10 minutes of the Lansdale Interchange of the Northeast Extension of the Pennsylvania Turnpike. When Interstate Route 476 was connected to the Northeast Extension in 1992, the area around the Lansdale Interchange experienced significant growth. Recognizing the demand for residential land area home builders, Trefoil acquired development rights to this 40 acre parcel, completed the land planning for the site, and shepherded the project through the Township approval process. The land was then very profitably sold to a local homebuilder for the construction of 136 single, twin and town homes. The homebuilder subsequently constructed and sold out the development during a short marketing period.
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Plumstead Square is located at the intersection of Route 611 and Stump Road in Plumsteadville, Bucks County, PA. The 70,000 sf retail center was purchased by Trefoil and a partner at a considerable discount from the FDIC (a Federal Government agency), following the bank failure of its mortgagee. Recognizing potential environmental concerns at the property in advance of the purchase, Trefoil's risk management limited the exposure of the purchasing partnership so that the FDIC paid more than 90% of the remediation costs. Trefoil then completed the purchase, undertook a renovation of the project and leased the property to stabilization. We sold our share of the rehabilitated property to our partners at a significant profit.
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