Charlotte, N.C. — Charlotte, North Carolina-based Big V Property has partnered with Equity Street Capital to launch the Big V Core Property Fund, a $1.2 billion open-ended retail real estate fund. The fund, which was created by consolidating seven retail properties into a single investment vehicle, spans six cities and is 96 percent leased. The properties include The Rim and Alamo Ranch in San Antonio; The Avenue Murfreesboro in Murfreesboro, Tennessee; Southpark Meadows in Austin, Texas; Glynn Isles in Brunswick, Georgia; Westside Center in Huntsville, Alabama; and Glade Parks in Euless, …
Fairfield, Calif. — JLL Capital Markets has arranged $38 million in refinancing for Gateway Plaza and a portion of Gateway Courtyard, two adjacent retail properties in Fairfield. Alex Olson and Danny Ryan of JLL’s Debt Advisory team represented the undisclosed borrower in the transaction. Anchored by Trader Joe’s, Gateway Plaza is fully leased to a mix of tenants including Ross Dress for Less, Michaels, Big 5 Sporting Goods and Petco. Gateway Courtyard is also fully occupied by tenants such as Panera Bread, Wingstop, Panda Express, T-Mobile, The Picklr and Nick the …
Westport, Conn. — Aubuchon Realty Co. has received $11.5 million in permanent financing for Elm & Main, a 23,954-square-foot mixed-use office and retail center located in downtown Westport. Henry Schaffer, Hunter Cuthbertson, Chris Angelone and Zach Nitsche of JLL’s Debt Advisory team arranged the fixed-rate loan through a correspondent life insurance company on behalf of the borrower. Originally built in 1963, Elm & Main features 12,010 square feet of ground-floor retail and 11,944 square feet of second-floor office space, along with 28 parking spaces. Additionally, the property will welcome Sephora …
Chandler, Ariz. — JLL Capital Markets has arranged $73.3 million in permanent financing for two shopping centers totaling 616,639 square feet in the Phoenix suburb of Chandler. The first property, Chandler Festival, spans 354,548 square feet and features a mix of tenants including T.J. Maxx, Ross Dress for Less, Nordstrom Rack and PetSmart. The second property, Chandler Gateway, encompasses 262,091 square feet and is anchored by Walmart and Hobby Lobby. Kevin MacKenzie, Jon Mikula, Jason Carlos, Quin Madden and Tyler Naughten of JLL arranged the five-year, fixed-rate loans on behalf of …
Dallas — JLL Capital Markets has arranged $1.2 billion loan for the refinancing of NorthPark Center, a 1.9 million-square-foot super-regional shopping center located in Dallas. Originally developed in 1965, NorthPark Center features more than 190 tenants including Neiman Marcus, Nordstrom, Macy’s, Dillard’s and Eataly, as well as a 15-screen AMC theater. The property is currently 98.6 percent leased. Timothy Joyce, Trey Morsbach and Matt Maksymec of JLL’s Debt Advisory team arranged the financing on behalf of the borrower, NorthPark Management Co. Wells Fargo, Morgan Stanley and Goldman Sachs provided the loan. The new loan will pay …
Miami Gardens and Tamarac, Fla. — JLL Capital Markets has arranged a combined $57.5 million in financing for two Publix-anchored shopping centers in South Florida. Matt Casey, Paul Adams, Hunter Rich and Aaliyah St. Louis of JLL’s Debt Advisory team arranged the loans through Synovus Bank on behalf of the borrower, Atlanta-based Jamestown. The first property, Country Club Plaza in Miami Gardens, totals 100,893 square feet and is leased to tenants including CVS and Panera Bread. Cypress Commons — formerly known as Tamarac Town Square — is the second property, which …
Dallas — Dallas-based Crow Holdings has recapitalized a portfolio of 194 retail properties totaling 4.5 million square feet. Crow Holdings Capital (CHC), the firm’s investment management business, arranged the financing. Spanning 30 states, the portfolio is currently 93 percent leased and features approximately 2,000 tenant suites with an average size of roughly 2,250 square feet. This transaction builds on the joint venture CHC had previously formed to acquire small-format, convenience-oriented, open-air, food and service shopping centers. Since 2003, the joint venture has acquired over $220 million in additional properties.
Hales Corners, Wis. — Marcus & Millichap Capital Corp. (MMCC) has secured an $8 million loan for Hales Corners Plaza, a 94,207-square-foot retail center in the Milwaukee suburb of Hales Corners. The property is fully leased to tenants such as Great Clips, AT&T, a nail salon and a physical therapy clinic. Michael Hughes of MMCC arranged the financing on behalf of the private client. A credit union provided the five-year loan, which features a 75 percent loan-to-value ratio, 6 percent interest rate and 30-year amortization period.
San Diego — PSRS has arranged $6.7 million in refinancing for a 65,000-square-foot shopping center located in San Diego. The two-building multi-tenant property is occupied by Smart & Final, AutoZone and Big 5 Sporting Goods. Additionally, Burger King occupies a drive-thru restaurant pad site on a ground lease. Trevan Swierczewski and Alexander Santulis of PSRS secured the nonrecourse loan that was structured with a 15-year term and 15-year amortization.
Houston — JLL has arranged the sale and financing of Sugar Park Plaza, a 95,032-square-foot neighborhood retail center located in Houston. Renovated in 2016, Sugar Park Plaza features one in-line retail building and three pad sites. Marshalls anchors the center, which was fully leased at the time of sale, and includes a mix of 15 other tenants including Aga’s Restaurant & Catering, Skechers, Chase Bank, ExxonMobil and Magnum Staffing. Sugar Park Plaza was built in 1974 on nearly 30 acres. John Indelli and Ryan West of JLL represented the seller …
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