Odessa, Fla. — Tommy Ware of Northmarq has arranged $4.5 million in refinancing for Keystone Crossing Shopping Center, located in Odessa, approximately 25 miles north of Tampa. Built in 2001, the 47,817-square-foot grocery-anchored retail center sits on a six-acre property. This refinancing comes in the form of a permanent-fixed loan, secured through a life company lender.
Quakertown, Pa. — Cronheim Mortgage has arranged $9 million in permanent financing for a 210,000-square-foot shopping center in Quakertown, located approximately 40 miles north of Philadelphia. Anchored by Giant, the unnamed center also houses tenants such as Rite Aid, Buffalo Wild Wings, H&R Block and Panera Bread. Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the financing on behalf of the borrower, a subsidiary of New York City-based ADCO Group. An undisclosed life insurance company provided the loan.
Omaha, Neb. — Grandbridge has secured a $3.3 million loan for the refinancing of Brentwood Village shopping center in Omaha. The property is fully leased. Brett Olson and Jeff Witt of Grandbridge arranged the fixed-rate, seven-year loan. A local bank provided the loan to the borrower, City+Ventures.
Las Vegas — Gerrity Group has sold Craig Marketplace, a 119,280-square-foot retail center in Las Vegas, for $41.2 million. Gleb Lvovich and Daniel Tyner of JLL Capital Markets represented both Gerrity and the California-based buyer in the 1031-exchange transaction. John Marshall, Jordan Leake and Carl Beardsley, also of JLL, secured acquisition financing on behalf of the buyer. Anchored by Albertsons, the center was 94.5 percent leased at the time of sale to tenants including Jack in the Box, Popeyes Louisiana Kitchen, Starbucks Coffee and Subway.
East Greenbush, N.Y. — Axiom Capital Corp. has arranged a $13.3 million permanent loan for the refinancing of a retail center in East Greenbush, roughly six miles southeast of Albany. The 301,894-square-foot property comprises six separate buildings and was leased to 16 tenants at the time of the loan closing. The lender was a local bank, and the borrower was an undisclosed development and management firm.
There will always be a tug-of-war between retail buyers and sellers — or, really, buyers and sellers of any kind. Both parties want to achieve the best price, but that number looks quite different depending on their side of the table. Though every asset is different, in many ways pricing is made easier based on whether it’s a buyer’s or seller’s market. But what about those transition times? The ones where a market has crested or dipped and is going the other direction? “Pricing today is a little bit of …
Birmingham, Ala. — Eastern Union has secured $7 million in financing for the $9.4 million purchase of Crestwood Festival Centre in Birmingham. Marc Tropp of Eastern Union arranged the financing on behalf of the buyer, CityWide Properties, which intends to invest $1.5 million in capital improvements at the 299,707-square-foot shopping center. The property is shadow anchored by The Home Depot.
Burlington, Mass. — Casimir Groblewski and Colin Monahan of Fantini & Gorga have arranged a $12.5 million mortgage for an undisclosed client. The financing — secured through a financial institution based in the Greater Boston area — is for the redevelopment of One Wheeler Road in Burlington. The new development, to be named Gateway Burlington, will replace an existing structure and feature a modern design with over 22,000 square feet of leasable space. Construction has begun on the project, which is scheduled for completion later this year.
Participants across Florida’s retail scene are bullish on the growth prospects in the state’s top markets as tenant demand remains robust for new and second-generation space. More than two years removed from the onset of the COVID-19 pandemic, sources say the state has fully rebounded and is even somewhat insulated from the worst effects of the public health crisis. Part of that insulation stems from a strong surge in employment as the state proved an attractive destination for corporate expansions, particularly in South Florida. Recent examples include Citadel, a $51 …
Indianapolis — BridgeCore Capital has provided $2.6 million in acquisition financing for a vacant, single-tenant retail property located in Indianapolis. The asset was formerly occupied by an undisclosed grocery tenant. The financing features an 8.5 percent fixed interest rate, with a 12-month term at a 70 percent loan-to-purchase price. The borrower in the transaction was not released.
