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FinanceMixed-useNew YorkNews

Tishman Speyer Completes $3.5 Billion CMBS Refinancing of Rockefeller Center in Midtown Manhattan

by Hayden Spiess

New York City — Locally based real estate giant Tishman Speyer has completed the $3.5 billion refinancing of Rockefeller Center, a 7.3 million-square-foot mixed-use campus in Midtown Manhattan. Bank of America and Wells Fargo led the consortium of lenders that provided the CMBS financing, which carries a fixed interest rate of approximately 6.23 percent. Tishman Speyer will use the proceeds to pay off a 20-year, $1.7 billion CMBS loan and additional mezzanine financing that will mature in May 2025, as well as to fund reserves for contractual leasing costs. Rockefeller Center …

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Metrocenter
ArizonaDevelopmentFinanceMixed-useNews

Concord Summit Secures $24.5 Million Construction Financing for Mall Redevelopment in Phoenix

by Hayden Spiess

Phoenix — Concord Summit Capital has secured a $24.5 million construction loan to finance the redevelopment of Metrocenter, a mall located in Phoenix. Situated on 64 acres, the property will be transformed into a mixed-use development featuring 112,000 square foot of retail space, as well as 1,218 residential townhome units. Kevin O’Grady, Daniel Eidson and Ben Applebaum of Concord Summit arranged the financing on behalf of the developers, Concord Wilshire and TLG Investment Partners. Horizontal construction on the project is scheduled to begin during the fourth quarter of 2024, with vertical …

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CaliforniaFinanceNews

BWE Secures $45.5 Million Financing for Circle K Portfolio

by Hayden Spiess

Irvine, Calif. — BWE has secured a $45.5 million loan for the financing of a Circle K portfolio across six states. Located in Arizona, Florida, Georgia, Louisiana, North Carolina and South Carolina, the portfolio comprises 104 single-tenant convenience store and gas station properties. Tom Kenny and Josh Boehling of BWE’s Irvine office arranged the loan through a life insurance company on behalf of the undisclosed borrower. The five-year fixed-rate financing features interest-only payments and a five-year extension option. 

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True Value
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Hardware Retailer True Value Files for Bankruptcy, Enters Into $153 Million Sales Agreement with Do it Best Corp. 

by Hayden Spiess

Chicago — Hardware retailer True Value Co. LLC has initiated voluntary Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of Delaware.  The Chicago-based retailer has also entered into an agreement to sell substantially all of its business operations to Do it Best Corp., another entity within the home improvement retail sector and former rival. According to Reuters, Do it Best will serve as the stalking horse bidder for True Value with an acquisition price set at $153 million in cash and the assumption of $45 million in contracts and …

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AlabamaFinanceGrocery-anchoredNews

KPR Centers Secures $42.5 Million Refinancing for Retail Center Near Birmingham, Alabama

by Hayden Spiess

Vestavia Hills, Ala. — KPR Centers has secured a $42.5 million loan for the refinancing of Vestavia Hills City Center, a 389,736-square-foot retail center located in Vestavia Hills, roughly 10 miles outside Birmingham. An affiliate of MetLife Investment Management provided the floating-rate financing. Chris Drew, Gregg Shapiro and Kelsey Bawcombe of JLL arranged the loan on behalf of KPR Centers. Publix anchors the property, and other tenants at the center include AMC Theaters, Planet Fitness, Pet Supermarket, Shoe Station, Dollar Tree, Panera Bread and Dave’s Hot Chicken. 

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CaliforniaFinanceGrocery-anchoredNews

Calmwater Capital Provides $20.9 Million Acquisition Financing for Shopping Center Near Palm Springs, California

by Hayden Spiess

Cathedral City, Calif. — Calmwater Capital has provided a $20.9 million loan for the acquisition of Cathedral City Marketplace, a shopping center located in Cathedral City, approximately seven miles southeast of Palm Springs. Rhino Investment Group is the borrower. Situated on 21 acres, the property totals 195,000 square feet. Tenants at the center include Kroger’s Food 4 Less, Planet Fitness, dd’s Discounts, DJ’s Sports Bar and Subway. Larry Grantham, Zach Novatt and DaJuan Bennett of Calmwater originated the loan. Jeff Sause, Chad Morgan, Daniel Skerrett and Jalynn Borders of JLL Capital …

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Retail Outlook Panel
A&G Real Estate PartnersContent PartnersDevelopmentEconomic DevelopmentFeaturesFinanceIndustry ContentLeasingNet leaseRestaurantsRetailersVideosWebinar

Webinar: Market Outlook — Insights on Retail, Consumers, REITs, NNN & Shopping Centers

by Sarah Daniels

The Sept. 27 Shopping Center Business webinar “Market Outlook — Insights on Retail, Consumers, REITs, NNN & Shopping Centers” covered the state of the retail industry, focusing on consumer behavior and the financial health of retailers. Be sure to tune in to the 6-minute mark of this webinar for a clear-eyed, informative breakdown of key retail trends from moderator Dana Telsey of Telsey Advisory Group. Panelists discussed a shift in consumer spending toward value and discount retailers, with a slowdown in luxury goods consumption. The webinar also explored challenges in the retail sector, including increased …

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FinanceNevadaNews

CommCap Advisors Arranges $23 Million Acquisition Financing for Retail Center in Las Vegas

by Hayden Spiess

Las Vegas — CommCap Advisors has arranged a $23 million bridge loan for the acquisition of Renaissance III, a retail center in Las Vegas. An entity doing business as Aspen NV LLC is the borrower. Renaissance III totals 225,748 square feet across 39 retail units, and the borrower plans to implement renovations at the property. Symetra Financial provided the loan, which features a three-year, interest-only term

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Scott Tiernan SRS Retail Real Estate Quote from article
Content PartnersFeaturesFinanceGeorgiaIndustry ContentRetailers

Retail Experts Employ Creative Solutions in Tight Property Market

by Sarah Daniels

High occupancy rates and prohibitive development costs continue to challenge expansion-minded retailers. Only 4.5 percent of total retail space in the United States was available for lease at the end of August, according to CoStar Group. That represents a 35 percent reduction in retail availability over the past decade amid greater absorption and space being removed from the market. Combined with limited new shopping center development over the past 15 years, the tight conditions are pushing retail real estate experts to get creative when searching for ways to help brands …

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FinanceNewsOhio

BWE Secures $31.8 Million Refinancing for Shopping Center in Ohio

by Hayden Spiess

Fairlawn, Ohio — BWE has secured a $31.8 million loan for the refinancing of Market Square at Montrose, a shopping center located in Fairlawn, roughly 30 miles outside Cleveland. Totaling 506,870 square feet, the property was 88 percent leased at the time of financing. The Home Depot anchors the center, and other tenants include Dick’s Sporting Goods, Staples, Cost Plus World Market, Steak ‘N Shake and Golf Galaxy. Brian Bruening of BWE arranged the floating-rate financing on behalf of the undisclosed borrower. 

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