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CaliforniaFinanceInvestment salesNews

Marcus & Millichap Arranges $13.1 Million Acquisition Financing for The Shops at AMC Palm Promenade in San Diego

by Hayden Spiess

San Diego — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.1 million loan for the acquisition of The Shops at AMC Palm Promenade, a retail power center located at 756-804 Dennery Road in San Diego. Chad O’Connor of MMCC San Diego secured the financing for the undisclosed borrower. The seven-year, fixed-rate loan has a 5.125 percent interest rate, 30-year amortization and a 60 percent loan-to-value ratio. The seller was not disclosed. Renovated in 2021, the 72,390-square-foot shopping center is located at the on/off ramp of Interstate 805 and …

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FinanceGrocery-anchoredInvestment salesNewsNorth Carolina

Northmarq Secures $21 Million in Acquisition Financing for Triangle Area Retail Center

by Hayden Spiess

Cary, N.C. — David Garfinkel of Northmarq’s St. Louis office has arranged $21 million in financing for the acquisition of Bradford Square, a 78,628-square-foot retail center located in the Raleigh suburb of Cary. Financing was secured in the form of a permanent-fixed loan from a life insurance company on behalf of National Real Estate Management (NRE). Anchored by Publix, the center was fully leased at the time of its sale to NRE, with tenants including Cary Salon, Night and Day Dental, First Watch, Brixx Wood Fired Pizza, Burger 21 and …

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FinanceFloridaGrocery-anchoredNews

Northmarq Arranges $4.5 Refinancing for Shopping Center in Metro Tampa

by Hayden Spiess

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.

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FinanceGrocery-anchoredNewsPennsylvania

Cronheim Mortgage Arranges $9 Million in Permanent Financing for Shopping Center in Metro Philadelphia

by Hayden Spiess

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.

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FinanceGrocery-anchoredInvestment salesNevadaNews

JLL Capital Markets Arranges $41.2 Million Sale, Acquisition Financing for Las Vegas Retail Center

by Katie Sloan

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.

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FinanceNew YorkNews

Axiom Capital Arranges $13.2 Million Refinancing of Upstate New York Retail Center

by Katie Sloan

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. 

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Content PartnersFaris Lee InvestmentsFinanceIndustry ContentInvestment salesMarketingNet lease

Today’s Pricing Strategy is a Mix of Art, Science

by Sarah Daniels

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 …

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AlabamaFinanceInvestment salesNews

Eastern Union Secures $7 Million Acquisition Financing for Shopping Center in Birmingham, Alabama

by Hayden Spiess

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.

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DevelopmentFinanceMassachusettsNews

Fantini & Gorga Arranges $12.5 Million Financing for Redevelopment of Burlington, Massachusetts Property

by Hayden Spiess

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.  

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