Margate, Fla. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10 million loan for the refinancing of Carolina Springs Plaza, a grocery-anchored, 125,500-square-foot shopping center located in Margate. El Bodegon Supermarket has anchored the 13.4-acre property since 2011. Robert Bhat of MMCC’s Miami office arranged the 10-year, fixed-rate loan, which features a 25-year amortization schedule and 70 percent loan-to-value ratio. The borrower and direct lender were not disclosed.
Thousand Oaks, Calif. — An affiliate of Maxxam Enterprises has received $84.7 million in refinancing for Janss Marketplace, a grocery-anchored shopping center in Thousand Oaks. Matt Stewart, Alethia Halamandaris and Chris Jaffe of JLL Capital Markets Debt Advisory secured the financing through TerraCotta Credit Fund for the borrower. Janss Marketplace features 456,390 square feet of retail space. The property was built in phases from 1959 to 1999 and renovated in 2007 and 2020. Current tenants include Aldi, Ulta Beauty, Petco, Old Navy, Five Below and Golds Gym. At the time …
Irvine, Calif. — JLL Capital Markets has secured $245 million in refinancing for a portfolio of six commercial real estate properties across California. The portfolio includes three retail centers in coastal Orange County. Anchored by CVS/pharmacy, Aliso Creek Shopping Center comprises 49,149 square feet in Laguna Beach and is 92 percent leased. Flower Hill Promenade is a 168,249-square-foot retail center located in Del Mar. Anchored by Whole Foods Market, the center is 95.6 percent occupied. The final retail property, The Landing, is located in Newport Beach. Comprising 44,289 square feet, …
Chicago — Bellwether Enterprise Real Estate Capital LLC (BWE) has secured a $74.5 million life company loan on behalf of Continental Realty Corp. (CRC) for the acquisition of a Chicagoland shopping center portfolio. CRC acquired the portfolio from DiMucci Cos. Comprising five properties and 900,000 square feet, the portfolio was 82 percent leased at the time of sale. The sale included Cicero Marketplace in Cicero, Illinois; Northwest Shopping Center and English Valley in Palatine, Illinois; Golf Plaza II in Mount Prospect, Illinois; and Fox River Commons in Naperville, Illinois. Together, …
Carollton, Texas — Northmarq has arranged permanent financing for Carrollton Park Village, a 110,000-square-foot shopping center located in Carrollton, roughly 20 miles northwest of Dallas. Phillip Bankhead of Northmarq secured the 15-year permanent-fixed loan on behalf of the borrower, Vista Property Company. Genworth Financial provided the financing. Built in phases from 1965 to 1987, the property comprises five buildings situated on 10 acres. Tenants at the center include dd’s Discounts, Dollar General and Hibbett Sporting Goods.
Enosburg Falls, Vt. and Somersworth, N.H. — Two Tractor Supply Co. Stores comprising 19,097 square feet each have opened in Vermont and New Hampshire. The two stores also each feature 20,000 square feet of outdoor display, retail and garden space. Subsidiaries of New England Retail Properties — both owned and headed by chief executive officer Matt Halprin — have completed the ground-up development of the two properties, following six months of construction. Located in Enosburg Falls, the Vermont store was developed by Enosburg Development Partners LLC. Somersworth Development Partners LLC …
Bardstown, Ky. — Northmarq’s Louisville office has secured a $3 million refinancing of Wilson & Muir Plaza, a 63,598-square-foot retail center located at 100 West John Rowan Boulevard in Bardstown, roughly 40 miles southeast of Louisville. Randall Waddell of Northmarq negotiated a blended interest rate of 4.9 percent fixed over a 10-year term on behalf of the undisclosed borrower. A new anchor tenant — Marshall’s — recently opened at the property.
Austin, Texas and San Antonio— JLL Capital Markets has secured acquisition financing for two retail centers, both in Texas. CW Sheehan, Kaitlin Kane and Hunt Wood of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, Door Capital Partners. The first property, 3701 Guadalupe, comprises 6,991 square feet in Austin in the center of off-campus University of Texas student housing. Built in 1976, the center was 100 percent leased at the time of sale to tenants including Domino’s, Walgreens, Smile Haus, Body Brite and Evo Performance. The second …
Belleville, N.J. — Cronheim Mortgage has arranged an $11.5 million permanent loan for a 70,450-square-foot shopping center in the Northern New Jersey community of Belleville. Grocer ShopRite anchors the center. Allison Villamagna and Andrew Stewart placed the 12-year loan through Farm Bureau Life Insurance Co. on behalf of the undisclosed borrower.
Motivation is one of the prime drivers in any market cycle. Some markets are affected by interest rates and others by inflation. One way or another, however, a retail investment and its returns need to provide an investor a reason to stay active regardless of the state of the market. Scott DeYoung, senior managing director at Irvine, Calif.-based Faris Lee Investments, notes that for sellers in today’s market, it can all come down to timing. “There will always be transactions because every investment has a horizon,” he explains. “There is …
