Finance

Legacy-Place-Dedham-Mass
FinanceGrocery-anchoredMassachusettsNews

JLL Secures $190 Million Refinancing for Shopping Center in Boston Suburb

by Hayden Spiess

Dedham, Mass. — JLL Capital Markets has secured a $190 million loan for the refinancing of Legacy Place, a 675,000-square-foot shopping center located in the Boston suburb of Dedham. Whole Foods, Apple, L.L. Bean and Showcase Cinemas anchor the property. Other tenants at the center include Nike, Athleta, Industrious, Shake Shack, Lululemon, Sephora, Sweetgreen and Yard House. Brett Paulsrud, Henry Schaffer, Hugh Doherty, Chris Angelone and Zach Nitsche of JLL arranged the financing through a two-bank syndicate on behalf of the borrowers, WS Development and Nuveen Real Estate. 

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Mission-Promenade-Oceanside-Calif
CaliforniaFinanceGrocery-anchoredNews

Milan Capital Management Receives $12.1 Million Refinancing for Mission Promenade in Metro San Diego

by Hayden Spiess

Oceanside, Calif. — Milan Capital Management has received a $12.1 million loan for the refinancing of Mission Promenade, a 105,700-square-foot retail center located in Oceanside, approximately 40 miles northwest of San Diego. Built in 1972 and renovated in 1999, the property was 97 percent leased at the time of financing, to tenants including El Super and dd’s Discounts. Jeff Sause and John Chun arranged the 10-year loan through a regional bank on behalf of the borrower. 

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Redwood Shopping Center, Oakland, Ca, photography by California Real Estate Media
CaliforniaFinanceGrocery-anchoredNews

CBRE Arranges $15 Million Refinancing for Retail Center in Oakland, California

by Hayden Spiess

Oakland, Calif. — CBRE has arranged a $15 million loan for the refinancing of Lincoln Square Shopping Center in Oakland. Safeway anchors the property, which comprises three buildings with 14 tenant suites. Other tenants at the center include CVS/pharmacy, Peet’s Coffee, Jamba Juice and the UPS Store. Originally built in 1963, the property underwent extensive redevelopment in 2019. Shaun Moothart, Bruce Francis, Doug Birrell and Bob Ybarra of CBRE arranged the non-recourse, 10-year, interest-only loan on behalf of the borrower, a California-based private retail real estate operating company. 

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FinanceNewsPennsylvania

Prestige Group Arranges $20 Million Refinancing of Mixed-Use Property in Suburban Philadelphia

by Hayden Spiess

Jenkintown, Pa. — Prestige Group has arranged a $20 million loan for the refinancing of an 81,500-square-foot retail and office property in Jenkintown, a northern suburb of Philadelphia. The property comprises a 42,000-square-foot retail building occupied by LA Fitness, a 35,500-square-foot vacant office building and a 4,000-square-foot restaurant. Richard Natow of Prestige Group secured the loan through an undisclosed regional bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.

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FinanceGeorgiaNews

Acadia Receives $36 Million Refinancing for Canton Marketplace in Metro Atlanta

by Hayden Spiess

Canton, Ga. — Acadia Realty Trust has received a $36 million loan for the refinancing of Canton Marketplace, a 335,445-square-foot shopping center in Canton, roughly 40 miles north of Atlanta. The property is 95 percent leased to tenants including Dick’s Sporting Goods, Best Buy, T.J. Maxx and pOpshelf. Mike Ryan, Brian Linnihan, Richard Henry and JP Cordeiro of CBRE secured the financing on behalf of Acadia through Voya Investment Management.

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Pine-Island-Plaza_Sunrise
FinanceFloridaGrocery-anchoredNews

Dwight Mortgage Trust Provides $12.8 Million Loan for Pine Island Plaza Shopping Center in Sunrise, Florida

by Hayden Spiess

Sunrise, Fla. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided a $12.8 million bridge loan for Pine Island Plaza, a 104,000-square-foot, grocery-anchored shopping center in Sunrise. The borrower was not disclosed. The South Florida shopping center comprises 21 tenants, including an unnamed national grocer that will open its doors in June.

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City-West
Company newsFinanceNewsTexas

Crow Holdings Forms $2.6 Billion Joint Venture Targeting Shopping Center Investment 

by Hayden Spiess

Dallas — Crow Holdings, through its investment management business Crow Holdings Capital (CHC), has announced a joint venture with an undisclosed global institutional investor focused on retail investment. The $2.6 billion partnership will expand Dallas-based CHC’s investment strategy of acquiring small-format, convenience-oriented open-air shopping centers and was formed through a recapitalization of a $1.8 billion, 173-property portfolio owned by two real estate funds managed by CHC. The platform’s portfolio includes properties located in more than 50 cities across more than 30 states. “We have an incredible opportunity to continue to aggregate …

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FinanceNew JerseyNews

Cronheim Mortgage Arranges $50 Million Permanent Loan for Northern New Jersey Shopping Center

by Hayden Spiess

Woodcliff Lake, N.J. — Cronheim Mortgage has arranged a $50 million permanent loan for Tice’s Corner, a 120,000-square-foot shopping center in the Northern New Jersey community of Woodcliff Lake. The two-building center was constructed on 13.4 acres in 2001 and was fully leased at the time of the loan closing. Tenants at the property include Apple, Anthropologie, Free People, GAP, J. Crew, Panera Bread, Pottery Barn, Madewell, Nike and Williams-Sonoma. Dev Morris, Andrew Stewart and Allison Villamagna of Cronheim arranged the loan on behalf of the borrower, an affiliate of Connecticut-based …

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Retailers Sellers Caldwell Northmarq
FeaturesFinanceIndustry ContentLeasingMallsMixed-usePower centersRetail InsightRetailers

Buyers Have Reasons to Buy, Sellers Just Need to Sell

by Sarah Daniels

Margaret Caldwell, managing director and senior vice president at Northmarq in Atlanta, thinks this is a great time to be a retail owner. The only problem? Sellers do too. “The biggest challenge is the small supply of retail in this market,” she says. “Sellers are very hesitant to sell, even though the ones who are selling are experiencing great results and achieving their pricing.” Caldwell notes that in the Southeast there has been a slight change in pricing of around 50 basis points over the past year or so. However, …

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FinanceInvestment salesNewsTexas

MMCC Arranges $5 Million Acquisition Loan for Retail Property in McKinney, Texas

by Hayden Spiess

McKinney, Texas — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5 million acquisition loan for an undisclosed retail property located in the northern Dallas suburb of McKinney. A medical clinic and dollar store anchor the property, which was built in 2020. Adam Pike of MMCC arranged the debt.

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