Shopping Center Business

MAY 2015

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

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18 • SHOPPING CENTER BUSINESS • MAY 2015 N E W S L I N E Money Matters $ n DONAHUE SCHRIBER FINANCES WEST COAST SHOPPING CENTER PURCHASES WITH $118.5 MILLION LOAN Prudential Mortgage Capital Co. has provided Donahue Schriber Realty Group with $118.5 million in financing to acquire four grocery-anchored shopping centers in California and Washington. The properties include Gilman District in Berkeley, California; Village Oaks in San Jose, California; Lakeland Town Center in Auburn, Washington; and Westgate North in Tacoma, Washington. A Whole Foods Market and Office Depot anchor the 91,228-square-foot Gilman District, while the 320,000-square-foot Village Oaks is anchored by Safeway, Target and Lowe's. These centers were recently built. Haggen, the largest independent grocer in the Pacific Northwest, anchors the 125,421-square-foot Lakeland Town Center, and the 129,229-square-foot Westgate North is anchored by Safeway and Ace Hardware. The four separate, 10-year, fixed-rate loans are cross-collateralized. Craig Zarro of Preferred Capital Advisors consulted the Donahue Schriber Realty Group throughout these financings. n HFF ARRANGES $60 MILLION FINANCING FOR RETAIL CENTER IN SUBURBAN PHILADELPHIA Holliday Fenoglio Fowler (HFF) has arranged $60 million in financing for Concordville Town Centre, a 397,188-square-foot, Home Depot- and Acme Markets-anchored retail center in Glen Mills, Pennsylvania, a Philadelphia suburb. HFF worked on behalf of the borrower, Brandolini Companies, to secure the long-term, fixed-rate mortgage with an institutional insurance company. The loan will be used to repay existing indebtedness. Managing director Ryan Ade led the HFF team representing the borrower. The 99.3 percent occupied Concordville Town Centre consists of 12 buildings and one pad site leased to Marshalls, HomeGoods, Staples, PetSmart, Wells Fargo Bank, Outback Steakhouse, Santander Bank and Bertucci's, along with anchors The Home Depot and Acme Markets. Additionally, Target shadow-anchors the center. The property is situated on 69 acres. n PACIFIC SOUTHWEST ARRANGES $3.3 MILLION LOAN FOR RETAIL PROPERTY IN METRO DALLAS Pacific Southwest Realty Services (PSRS) has arranged a $3.3 million loan secured by a 36,000-square-foot retail property in Fort Worth, Texas. Da- vid Hamilton of the firm's San Diego office arranged the transaction. The fixed-rate loan features a 15-year term with a 25-year amortization schedule and three five-year resets. The interest rate starts at 3.9 percent and resets every five years. Hamilton arranged the financing through a credit union that PSRS represents. n COHEN FINANCIAL ARRANGES $11 MILLION LOAN FOR RETAIL PROPERTY IN LAKE GENEVA, WISCONSIN Cohen Financial has arranged an $11 million refinancing loan for Geneva Square, a retail center in Lake Geneva, Wisconsin. The 169,692-square-foot property is 98 percent leased. Anchor tenants include a 50,000-square-foot Piggly Wiggly and the 63,000-square-foot Aurora Health Center, a health care provider. Don Trossman of Cohen Financial secured the fixed-rate, seven-year loan, which includes a 25-year amortization schedule. The borrower is Lake Geneva Investors LLC. Schermerhorn Commercial Real Estate of Illinois manages the property. Geneva Square was built in 1980. The current owner purchased the property in 1999. Aurora Health Center became a tenant in 2005 and the Piggly Wiggly franchisee has been a tenant in the property since it was built. n HORIZON GROUP PROPERTIES REFINANCES THREE OUTLET CENTERS Horizon Group Properties Inc. has refinanced the loan secured by outlet shopping centers located in Burlington, Washington; Fremont, Indiana, and Oshkosh, Wisconsin, all of which are owned by an affiliated entity. Starwood Mortgage Capital LLC provided the $56.7 million loan. The Starwood loan includes a 10-year term and is non-recourse, subject to standard non- recourse carve-outs. The proceeds from the Starwood loan were used to defease the prior loan, which matures in February 2016. The 99.3 percent occupied Concordville Town Centre consists of 12 buildings and one pad site leased to Marshalls, HomeGoods, Staples, PetSmart, Wells Fargo Bank, Outback Steakhouse, Santander Bank and Bertucci's, along with anchors Home Depot and Acme Markets.

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