Finance

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FinanceGrocery-anchoredMarylandNews

Northmarq Arranges $50.8 Million in Financing for Grocery-Anchored Retail Property in Metro Washington, D.C.

by Abby Cox

Potomac, Md. — Northmarq has arranged $50.8 million in permanent, fixed-rate financing for Potomac Place Shopping Center, an 80,040-square-foot retail property located in Potomac, roughly 15 miles northwest of downtown Washington, D.C. Originally constructed in 1967, Potomac Place is anchored by Safeway and features a mix of additional tenants such as Chipotle Mexican Grill, Starbucks Coffee, Mathnasium, Rose Home Services, Walgreens, PNC Bank and East West Tae Kwon Do. Jason Smith and Kenneth Gentzel of Northmarq arranged the loan through Nationwide Life Insurance Co. on behalf of the borrower, Zuckerman Gravely.

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CaliforniaDevelopmentFinanceNews

HKS Real Estate Arranges $7.8 Million in Construction Financing for Two Retail Developments in California

by Abby Cox

Fresno and Clovis, Calif. — HKS Real Estate Advisors has arranged $7.8 million in construction financing for two ground-up retail developments in Fresno and Clovis. Alex Dobosh and Andrew Pilchick of HKS secured the loans through North American Savings Bank on behalf of the borrower, Bottom Line Group. The first project will be a 4,771-square-foot 7-Eleven convenience store and gas station located in Fresno. The second project, which will total 11,353 square feet, will feature another 7-Eleven and a three-unit retail building in Clovis. Chipotle Mexican Grill and Phoenician Express have …

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Townridge-Shopping-Center
FinanceInvestment salesNewsNorth Carolina

ACD Acquires Townridge Shopping Center in Raleigh, North Carolina, for $36 Million

by Abby Cox

Raleigh, N.C. — Armstrong Capital Development (ACD) has acquired Townridge Shopping Center, a 273,105-square-foot retail property located in Raleigh. Walmart and Planet Fitness anchor the center, which was 96 percent leased at the time of sale. Other tenants include Chipotle Mexican Grill, Advance Auto Parts, Cato, AT&T, Burger King, Edible Arrangements and Papa Johns Pizza, according to LoopNet Inc. The property features five buildings at Townridge Shopping Center, along with a single building at the adjacent Village at Townridge, that function together as a unified commercial site. Tom Kolarczyk, Michael Nieder …

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Cornerstone-Plaza
FinanceNewsTexas

JLL Secures Financing for 51,664-Square-Foot Metro Fort Worth Shopping Center

by Abby Cox

Southlake, Texas — JLL Capital Markets has secured financing for Cornerstone Plaza, a 51,664-square-foot retail center located in Southlake, a northern suburb of Fort Worth. John Rose, Kristi Leonard and Chad Lisbeth of JLL represented the borrower, Brownlee Waggoner Holdings, in the transaction. Hillcrest Bank provided the loan. Built in 2002, Cornerstone Plaza comprises two buildings and is situated on nearly six acres. The property is currently fully leased to eight tenants including Cook Children’s Medical Center, Activate Games, Cristina’s Fine Mexican Restaurant and Smoothie King, as well as several service-oriented …

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FinanceNewsRhode Island

Lee & Associates Arranges $5 Million in Financing for Acquisition of Retail Center Near Providence, Rhode Island

by Abby Cox

Rumford, R.I. — Lee & Associates has arranged a $5 million permanent first mortgage loan for the acquisition of a 13,000-square-foot retail center located at 75 Newport Ave. in Rumford, approximately four miles east of Providence. Kempner Properties purchased the center for $8.5 million. The seller was Horvath & Tremblay. Dave Carswell and Ryan Fitzpatrick of Lee & Associates secured the non-recourse loan through First Tech Federal Credit Union. The loan features a 30-year amortization schedule. Situated on nearly two acres, the retail property features a mix of tenants such as …

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FinanceGrocery-anchoredNew JerseyNews

Cronheim Arranges $21 Million in Financing for Grocery-Anchored Shopping Center Near Cape May, New Jersey

by Abby Cox

Cape May Court House, N.J. — Cronheim Mortgage has arranged $21 million in financing for the acquisition of The Plaza at Cape May Court House, a 163,629-square-foot shopping center located within Middle Township in Cape May County. Acme, which has operated at the property for 29 years, anchors the center. Built in 1971 and renovated in 2022, The Plaza at Cape May Court House is leased to 16 additional tenants including Starbucks Coffee, Staples, CVS/pharmacy, Jersey Mike’s Subs, Chase Bank and True Value Hardware. Brandon Szwalbenest, Dev Morris and Andrew …

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Atlantic Plaza Shopping Center
FinanceNew YorkNews

Northmarq Arranges $15 Million in Financing for Atlantic Plaza Shopping Center in Queens

by Abby Cox

New York City — Northmarq has arranged $15 million to refinance Atlantic Plaza Shopping Center, a 34,949-square-foot, multi-tenant retail center located in Queens. Robert Delitsky and Keith Braddish of Northmarq secured the loan through an undisclosed commercial bank on behalf of the borrower, Schuckman Realty. Built in 1984, Atlantic Plaza Shopping Center is leased to a mix of daily-needs tenants including Bravo Supermarkets, Lenox Hill Radiology, Four Leaf Federal Credit Union and Dunkin’.

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CaliforniaFinanceNews

Gantry Arranges $15.4 Million in Financing for Two Retail Properties in Monterey Bay Region

by Abby Cox

Salinas and Capitola, Calif. — Gantry has arranged $15.4 million in permanent loans to refinance two separately owned neighborhood retail properties located at different ends of the Monterey Bay region. Tom Dao and Jake Davis of Gantry represented the borrowers, both private real estate investors. The first property, Creek Bridge Village in Salinas, features 35,000 square feet of retail space and 17 apartments spread across five buildings. The 10-year, fixed-rate nonrecourse loan was secured from one of Gantry’s correspondent life company lenders and features a 30-year amortization. Gantry will service …

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Douglasville-Crossroads
FinanceGeorgiaNews

MMCC Arranges $5 Million in Financing for 42,720-Square-Foot Retail Property in Metro Atlanta

by Abby Cox

Douglasville, Ga. — Marcus & Millichap Capital Corp. (MMCC) has arranged $5 million in financing for Douglasville Crossroads, a 42,720-square-foot retail property located in Douglasville, roughly 22 miles west of Atlanta. David Johnson of MMCC secured the seven-year, non-recourse loan through a national bank on behalf of a private client. Douglasville Crossroads was fully leased to tenants including Dollar Tree, Cato, It’s Fashion, H&R Block, a nail salon and furniture store, as well as several restaurants. Walmart and Sam’s Club shadow anchor the property.

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FinanceGrocery-anchoredNew YorkNews

Northmarq Arranges $13.5 Million in Financing for Strathmore Commons Mall in Middle Island, New York

by Abby Cox

Middle Island, N.Y. — Northmarq has arranged $13.5 million in financing for Strathmore Commons Mall, a 146,381-square-foot, grocery-anchored retail center located in Middle Island, roughly 65 miles east of Manhattan. Originally built in 1991, Strathmore Commons Mall features a mix of tenants including McDonald’s, Giunta’s Meat Farms, NYU Langone Health, Gold’s Gym, Subway, Dollar Tree and Carvel. Robert Delitsky and Dylan Hamer of Northmarq arranged the financing through WoodmenLife on behalf of the borrower and repeat client.

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