Finance

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JLL Arranges $154.1 Million Financing for Six-Property Retail Portfolio Spanning Three States

by Abby Cox

California — JLL has arranged $154.1 million in financing for a six-property, 1.3 million-square-foot retail portfolio spanning California, Arizona and Georgia. Chris Drew, John Marshall, Wells Waller, Jarrod Howard, Gabriel Davenport and Preston Bacon of JLL secured financing for the borrowers, Kimco Realty Corp. and an institutional joint venture partner advised by J.P. Morgan Asset Management. The portfolio includes Morena Plaza in San Diego, Rancho San Diego in El Cajon, and Vail Ranch Plaza and Redhawk Towne Center in Temecula, California; North Decatur Station in Decatur, Georgia; and The Summit at …

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Scott Ellsworth Phoenix SRS Retail Real Estate Services
ArizonaCaliforniaContent PartnersDevelopmentFeaturesFinanceIndustry ContentLeasing

Retail Activity in Western States Focused on High-Growth Submarkets

by Sarah Daniels

Western U.S. retail markets continue to witness flourishing leasing and investment activity.  As in other parts of the country, the primary challenge for retailers and investors alike is finding supply to meet the demand, say SRS Real Estate Partners experts Scott Ellsworth and Gary Chou. In Arizona, Taiwan Semiconductor Manufacturing Company’s $265 billion investment to build six fabrication plants along with packaging and research and development facilities in the Phoenix market is driving economic activity and contributing to population growth. It also has effectively added a sixth “c” – chips …

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FinanceMixed-useNewsTexas

JLL Arranges Refinancing for Two-Property Mixed-Use Portfolio in Fort Worth, Texas

by Abby Cox

Fort Worth, Texas — JLL Capital Markets has arranged a loan to refinance Sawyer Grocery and the Supreme Golf Building, a two-property mixed-use portfolio located in Fort Worth. Kevin Barron and Will Mogk of JLL secured the five-year, fixed-rate, non-recourse loan through a life insurance company on behalf of the borrower, Magnolia Equity Partners. The first property, the Supreme Golf Building, was built in 1918 and renovated in 2018. The building, which was fully occupied at the time of sale, comprises 23 residential units and 25,124 square feet of retail …

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Village Crossing
FinanceGrocery-anchoredIllinoisNews

Draper and Kramer Arranges $99.5 Million in Acquisition Financing for Retail Center in Metro Chicago

by Abby Cox

Skokie, Ill. — Draper and Kramer Inc. has arranged a $99.5 million loan on behalf of Fairbourne Properties for the acquisition of Village Crossing, a 724,400-square-foot retail center located in Skokie, approximately 15 miles northwest of downtown Chicago. Built in 1988, the grocery-anchored property is home to tenants including Jewel-Osco, AMC Theatres, Best Buy, PetSmart, Barnes & Noble, Ulta Beauty, Five Below and DICK’s Sporting Goods, among others. In addition to facilitating the acquisition, the loan will also fund tenant improvement and leasing commission costs at the property.

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FinanceFloridaMixed-useNews

JLL Negotiates $17.3 Million Aquisition Financing for Westland Plaza in Metro Miami

by Abby Cox

Hialeah, Fla. — JLL has arranged $17.3 million in financing for the acquisition of Westland Plaza, a 110,000-square-foot mixed-use retail and storage center located in Hialeah, roughly 12 miles northwest of Miami. Michael DiCosimo, Joshua Odessky and Miguel Pedersen of JLL secured the two-year, floating-rate loan through Shelter Growth Capital Partners on behalf of the buyer, Volta Global. Westland Plaza was built in 1979 and renovated in 2008. The property comprises 50,000 square feet of retail space across three buildings, along with a 60,000-square-foot, three-story self-storage facility. Tenants include Office Depot, …

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CaliforniaEntertainmentFinanceNews

Northmarq Arranges $29.3 Million in Refinancing for Dining, Entertainment Center in Los Angeles

by Abby Cox

Los Angeles — Northmarq has arranged a $29.3 million loan to refinance Chapman Market, a 41,241-square-foot dining and entertainment center located in Los Angeles’ Koreatown neighborhood. Originally opened in 1928, Chapman Market is home to a mix of tenants including Club HUE, Quarters Korean BBQ, Starbucks, Origin Korean BBQ, Shibuyala, Toebang Café, Escala Ktown, Danbi, Tiger Sugar Boba, BHC Chicken, Kazunori: The Original Handroll Bar and Uncle Tetsu. Joe Giordani, Alex Kane and Karl Weidell of Northmarq secured the loan through Voya Investment Management on behalf of the borrower, Arc Capital Partners.

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DevelopmentFinanceFloridaMixed-useNews

Pebb Capital Receives $223 Million for Refinancing of Sundy Village in Delray Beach, Florida

by Abby Cox

Delray Beach, Fla. — Pebb Capital has received a $223 million loan for the refinancing of Sundy Village, a planned 7-acre mixed-use campus under development in downtown Delray Beach, located between Fort Lauderdale and West Palm Beach. The first phase of the project delivered 100,000 square feet of office space, 30,000 square feet of retail and dining, landscaped courtyards, indoor-outdoor gathering spaces, as well as 268 parking spaces. Tenants include Vertical Bridge, Industrious, Barcelona Wine Bar, Van Leeuwen Ice Cream, Double Knot, Drinking Pig BBQ, Maman, Dragonfly MRI, JTC and Fairstead Development, among others. The second phase will add a …

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ColoradoFinanceInvestment salesNews

JLL Negotiates $41.2 Million Sale of Stanley Marketplace in Metro Denver

by Abby Cox

Aurora, Colo. — JLL Capital Markets has arranged the $41.2 million sale of Stanley Marketplace, a 102,125-square-foot adaptive reuse retail development located in the Denver suburb of Aurora. Jason Schmidt and Austin Snedden of JLL represented the seller, Westfield Co., in the transaction. Leon McBroom and William Haass, also of JLL, secured a five-year, $27.3 million acquisition loan through a reginal bank on behalf of the buyer, Magnetic Capital. Originally constructed in 1954 as an ejection seat manufacturing facility, the redeveloped retail property is currently 98 percent leased to a mix …

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FinanceInvestment salesNew JerseyNews

JLL Arranges Sale, Financing of 60,614-Square-Foot Retail Center in Northern New Jersey

by Abby Cox

Basking Ridge, N.J. — JLL Capital Markets has arranged the sale of Highlands Village Shopping Center, a 60,614-square-foot shopping center located within The Hills at Basking Ridge master-planned community in the Northern New Jersey city of Basking Ridge. Built in 2000 on roughly 11 acres, the center spans five buildings and was fully leased at the time of sale to 18 tenants. Anchored by Walgreens and a United States Postal Service, additional tenants include essential services, health and wellness, education, food-and-beverage and recreation-based businesses. Kevin O’Hearn, Jose Cruz, J.B. Bruno and …

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FinanceGeorgiaGrocery-anchoredNews

Cushman & Wakefield Arranges $72 Million in Financing for Two Shopping Centers in Metro Atlanta

by Abby Cox

Sandy Springs, Ga. — Cushman & Wakefield has arranged a $72 million loan on behalf of Jamestown for the refinancing of two adjacent retail centers located in the Atlanta suburb of Sandy Springs. Totaling more than 340,000 square feet, the properties include Parkside Shops (158,400 square feet) and Hammond Exchange (176,000 square feet). A 49,506-square-foot Whole Foods Market anchors the centers, which share a footprint of about 25 acres. Additional tenants include Marshalls, HomeGoods, Petco and The Springs Cinema & Taphouse. John Alascio, Alex Hernandez, Alex Lapidus, Mitch Rothstein, Nick Scibelli …

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