St. Louis — CBL Properties has received a $135 million refinancing of its mortgage loan for West County Center, a 1.2 million-square-foot regional mall located in St. Louis. The new loan, which replaces an existing $136.4 million loan that was scheduled to mature in December, carries a five-year term with a fixed interest rate of 7.4 percent. After repayment of the maturing loan and the release of existing escrow balances, CBL received roughly $2 million in net proceeds from the new financing. The financing also removes the cash management sweep associated …
Nashville, Tenn. — BWE has arranged a $42.5 million loan to refinance the historic Baggage Building, a 61,000-square-foot office and retail property located at 111 10th Ave. S. near Nashville’s Gulch district. Nick Harb of BWE secured the financing through a regional bank on behalf of the borrower, DZL Properties. The loan features a “meaningful” interest-only payment period. The Baggage Building was originally built between 1898 and 1900 as part of the Louisville-Nashville Railroad/Union Station terminal complex used to handle luggage and freight. Renovated in 1999, tenants at the four-story …
Port Washington, N.Y. — PEBB Enterprises and Sagamore Hill Partners have received a $26.8 million loan to refinance Soundview Marketplace, a 188,109-square-foot shopping center located on Long Island’s North Shore in Port Washington. Built in 1962 and 1977, the property comprises four buildings and is situated on nearly 11 acres. The center is occupied by tenants including Target, T.J. Maxx, Walgreens, Five Below, Ace Hardware, Crumbl Cookies and Starbucks Coffee. The Training Station Athletic Club will open a 22,100-square-foot location at the property in November in a space formerly occupied by a movie …
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 …
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 …
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 …
Draper and Kramer Arranges $99.5 Million in Acquisition Financing for Retail Center in Metro Chicago
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.
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, …
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.
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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