Rochester, N.Y. — Red Oak Capital Holdings has provided an $8.6 million loan for the acquisition of Irondequoit Plaza, a 205,000-square-foot shopping center located in Rochester. Sky Capital is the borrower. Wegman’s anchors the center, which was developed in 1980. Other tenants at the property include Citizens Bank, Dollar Tree, Dunkin Donut and Big Lots. The center was most recently renovated in 2005. Sky Capital will use the loan from Red Oak to finance the $9.5 million purchase of a 123,479-square-foot non-anchored portion of the property. Sky Capital is purchasing the …
Walnut, Calif. — Majestic Realty Co. Capital Markets has completed the refinancing of two shopping centers located in Walnut, approximately 30 miles outside Los Angeles. PGIM Real Estate provided a $12.6 million loan for Snow Creek Village West Shopping Center and retired the existing debt on Snow Creek Village East Shopping Center. Developed by Majestic Realty Co. affiliates, the properties comprise a total 128,922 square feet of retail space. Current tenants at the centers include T.J. Maxx, HomeGoods, Aldi, Panera Bread, McDonalds, Starbucks Coffee and Applebee’s Grill + Bar.
Goodyear, Ariz. — Gantry has secured a $29.2 million loan for the refinancing of Goodyear Centerpointe, a retail center located in Goodyear, a western suburb of Phoenix. Tenants at the property, which totals 320,000 square feet, include Conn’s Appliances, EoS Fitness, Urban Air, Hobby Lobby, Turner’s Outdoorsman and Goodwill Industries. Braden Turnbull, Patrick Barkley, Chad Metzger and Alicia Sabanero of Gantry arranged the 20-year financing on behalf of the borrower, Haagen Co. A life insurance company provided the loan.
Robersonville, N.C. and West Chester, Ohio — Bernard Financial Group (BFG) has arranged a $5.5 million loan to finance a retail portfolio located in North Carolina and Ohio. Dan Duggan of BFG secured the financing through Symetra Life Insurance Co. on behalf of the borrower, an entity doing business as FND OHIO LLC & DGMKT IOWA LLC. The portfolio totals 85,957 square feet across two properties in Robersonville, North Carolina, and West Chester, Ohio.
Washington, D.C. — Gantry has secured a $22.3 million loan for the acquisition of Cityline at Tenley, a retail center located in Washington, D.C. Tenants at the property, which totals 89,000 square feet and is situated within a mixed-use development, include Target, Ace Hardware and Bank of America. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry arranged the seven-year, fixed-rate financing on behalf of the borrower, Lincoln Property Co. A life insurance company provided the loan.
Avon, Conn. — Cronheim Mortgage has arranged a $24 million loan for the permanent financing of Avon Marketplace, a 78,687-square-foot retail center located in Avon. Dev Morris, Andrew Stewart and Allison Villamagna secured the five-year loan on behalf of the borrower, an affiliate of David Adam Realty. Built in 1994, the property comprises two single-story buildings that were fully leased at the time of financing. Tenants at the center include Ulta Beauty, Athleta, LensCrafters, GAP Factory, New Balance, Starbucks Coffee, Verizon and The Orvis Co.
West Palm Beach, Fla. — JLL Capital Markets has arranged $84.2 million in senior construction financing for the first phase of the Nora District, a mixed-use redevelopment project in West Palm Beach. Bank OZK provided the financing to the borrower, a joint venture between NDT Development, Place Projects, Wheelock Street Capital and BD Hotels. Upon completion, the first phase will feature 150,000 square feet of retail, restaurant and creative office space. Retail tenants at the development will include Van Leeuwen Ice Cream, H&H Bagels, Juliana’s Pizza, Loco Taqueria and Oyster Bar …
Perris, Calif. — BWE has arranged $66.5 million in construction financing for a new phase of development at Plaza de Perris, a retail center located in Perris. Upon completion, the property will span 363,582 square feet and feature a Target location. Wood Investments, the borrower and developer, purchased the center in 2017 and previously completed the addition of 118,000 square feet of retail space at the property in 2019 and 2020. Upon completion of construction, Target will join the center as a tenant. Other tenants at the center, which was 99 …
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Franklin Street: How to Navigate Current Retail Challenges and Future Opportunities
At the ICSC LAS VEGAS 2024 conference, Nelli Day of Retail Insight interviewed Monetha Cobb, chief marketing officer, and Greg Matus, senior vice president of investment sales, of Franklin Street, to discuss the prevailing challenges and future trends in the retail industry. Key Challenges in Retail The primary hurdle in the retail sector is the fluctuating market and rising interest rates, which have significantly slowed down transactions. Investors and developers are finding it tougher to secure deals as banks enforce stricter lending criteria. Despite a slight uptick in activity, …
At the ICSC LAS VEGAS 2024 conference, Nellie Day from Retail Insight spoke with Nate Tower, president and founder of Broad Reach Retail Partners, to explore the evolving landscape of retail and upcoming trends in the space. Broad Reach Retail Partners focuses on revitalizing underperforming shopping centers via a holistic, full-cycle approach that considers leasing, management, construction and acquisition. Tower emphasizes the importance of assessing a matrix of key performance indicators (KPIs) — including capital requirements, tenant mix and market demographics — to develop and execute effective business plans …