Shopping Center Business

DEC 2017

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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12 • SHOPPING CENTER BUSINESS • December 2017 NEWSLINE M O N E Y M AT T E R S HFF ARRANGES $77 MILLION REFINANCING OF TWO RETAIL PROPERTIES ON MAGNIFICENT MILE HFF has arranged the $77 million refinancing of 545 and 555 North Michigan, two free-standing, adjacent retail properties totaling 61,909 square feet along Chicago's Magnificent Mile. Christopher Knight and Timothy Joyce of HFF arranged the 10-year, fixed-rate loan through a fund managed by Apollo Global Management on behalf of the borrower, ECA Capital. Constructed in 1998, the 45,904-square-foot 555 North Michigan is home to The Gap's Chicago flagship. The 16,005-square-foot, five-story 545 North Michigan was constructed in 1928 and is home to Ugg. MMG EQUITY PARTNERS RECEIVES $58 MILLION REFINANCING OF NINE-PROPERTY RETAIL PORTFOLIO IN MIAMI-DADE COUNTY MMG Equity Partners has received a $58 million refinancing for a nine- property retail portfolio located throughout Miami-Dade County. Chris Drew, Nat Scarmazzi and Matthew McCormack of HFF arranged the 10-year, fixed-rate loan through a life insurance company on behalf of the borrower. The portfolio, which totals 275,979 square feet, includes Sunset Village Shopping Center, Bird West Plaza, Flagler Plaza, Navarro Gables, Little River Retail and Kendall Drive Retail in Miami; Navarro Miami Beach in Miami Beach; Colonial Shopping Center in North Miami; and Navarro Sunny Isles in Sunny Isles Beach. Navarro Pharmacy anchors six of the properties, and President Supermarkets anchors two. The portfolio also includes one strip center. At the time of sale, the portfolio was 97 percent occupied. WALKER & DUNLOP SECURES $24 MILLION FINANCING FOR RETAIL CENTER IN CENTRAL CALIFORNIA Walker & Dunlop has secured $24 million in permanent financing for The Trading Post Shopping Center, a 127,764-square-foot retail center in Clovis, California. Jeff Hudson, Riley Manke and Andrew Westling of Walker & Dunlop secured the 10-year, fixed-rate loan on behalf of the borrower, Rich Development Enterprises LLC. At the time of sale, The Trading Post Shopping Center was more than 95 percent leased to tenants including Sprouts Farmer's Market, Ross Dress for Less, Sketchers, Tuesday Morning, Dollar Tree, Pieology, Deli Delicious and Union Bank. UNISON REALTY PARTNERS, ALTO REAL ESTATE FUNDS RECEIVE $17.4 MILLION ACQUISITION LOAN FOR POWER CENTER IN COASTAL NEW JERSEY Unison Realty Partners and ALTO Real Estate Funds has received a $17.4 million loan for the acquisition of Commons at Hooper, a 120,349-square-foot shopping center in the coastal New Jersey community of Toms River. Michael Klein and Greg Labine of HFF arranged the five-year, fixed-rate loan through OceanFirst Bank on behalf of the borrower. OceanFirst is also providing a $3.4 million construction loan for capital improvements. The also pursue an opportunity to construct a 2,500-square-foot pad site in the front of the center. The center was 86 percent leased at the time of sale to 21 tenants including Michaels, DSW, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike's Subs and Citi Financial. COHEN FINANCIAL ARRANGES $13 MILLION ACQUISITION LOAN FOR RETAIL CENTER IN METRO NASHVILLE Cohen Financial, a division of SunTrust Bank, has arranged a $13 million loan for the acquisition of Towne Center, a 108,000-square-foot retail center in Murfreesboro, 35 miles southeast of Nashville. Dan Rosenberg and Matt Terpstra of Cohen Financial secured the fixed-rate loan through Morgan Stanley on behalf of the borrower, an affiliate of Integris Ventures. T.J. Maxx anchors Towne Center, and Lowe's Home Improvement and Target are shadow anchors. MERIDIAN CAPITAL ARRANGES $12.5 MILLION ACQUISITION LOAN FOR RETAIL CENTER NEAR FORT LAUDERDALE Meridian Capital Group has arranged a $12.5 million acquisition loan for Plantation Pointe, a 17,052-square- foot shopping center in Plantation, located seven miles west of Fort Lauderdale. Noam Kaminetzky of Meridian Capital arranged the 11-year loan with a fixed rate of 3.87 percent through a national life insurance company. The borrower was not disclosed. Plantation Pointe includes three one-story retail buildings. At the time of sale, the property was occupied by tenants including Chipotle Mexican Grill, Pieology Pizzeria and Panda Express. 545 and 555 North Michigan total 61,909 square feet and are home to The Gap's Chicago flagship and Ugg.

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