Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
Issue link: http://shoppingcenterbusiness.epubxp.com/i/752067
16 • SHOPPING CENTER BUSINESS • December 2016 NEWSLINE M O N E Y M AT T E R S HFF ARRANGES $47.8 MILLION FINANCING FOR BRODIE OAKS SHOPPING CENTER IN AUSTIN HFF has arranged $47.8 million in acquisition financing for Brodie Oaks Shopping Center, a 322,590-square-foot, grocery-anchored shopping center and office building located in Austin, Texas. The property features 285,044 square feet of retail and 37,546 square feet of office space. Sprouts Farmers Market anchors the retail portion of the property, which is also home to tenants including Hobby Lobby, Neiman Marcus Last Call, Olive Garden, Performance Bicycle and Starbucks Coffee. Colby Mueck, Kyle Spencer and Matthew Putterman of HFF worked on behalf of the borrower, Lionstone Investments, to place the 10-year, floating-rate loan with JPMorgan Chase Bank. Jim Batjer and Barry Brown of HFF also represented the undisclosed seller in the sale of the property to Lionstone. JPMORGAN CHASE FUNDS $60 MILLION REFINANCING OF SHOPPING CENTER IN METRO CHARLOTTE JPMorgan Chase Bank NA has provided the $60 million refinancing of Windsor Square Shopping Center, a 661,156-square-foot retail power center in Matthews, North Carolina, a suburb of Charlotte. Completed in 1987 and renovated in 2014, Windsor Square was 96 percent leased at the time of sale to tenants such as Sam's Club, hh gregg, J.C. Penney, PetSmart, Tuesday Morning, Kohl's, Lifetime Fitness, Ross Dress for Less, Outback Steak- house, DSW, Shoe Carnival and Mattress Firm. Chris Drew, Brent Bowman and Brian Gaswirth of HFF arranged the 10-year, fixed-rate loan through JPMorgan Chase. The borrower, Sterling Organization, used the loan to pay off a maturing CMBS loan. MERIDIAN CAPITAL ARRANGES $12.5 MILLION REFINANCING FOR TYLER GATEWAY SHOPPING CENTER IN CALIFORNIA Meridian Capital Group has arranged $12.5 million in CMBS financing for the refinance of Tyler Gateway Shop- ping Center in Riverside, California. The borrower was The Festival Cos., a Los Angeles-based developer and operator of retail and mixed-use properties. The 10-year loan, provided by a CMBS lender, features five years of interest-only payments and a fixed interest rate. Seth Grossman and Andy Strauss of Meridian negotiated the financing. Tyler Gateway Shopping Center consists of two retail buildings totaling 25,000 square feet. Tenants at the center include Ulta Beauty, AT&T;, Habit Grill, Panera Bread, Chipotle Mexican Grill and Yogurtland. WOOL FINANCE ARRANGES $7.9 MILLION CONSTRUCTION LOAN FOR PUBLIX-ANCHORED CENTER IN MOBILE Wool Finance Partners has arranged a $7.9 million construction loan for the development of a 101,000-square- foot Publix-anchored shopping center in Mobile, Alabama. The shopping center is a joint venture between MAB American Retail Partners LLC and Inland Retail Centers LLC. Publix will occupy a freestanding, 39,000-square- foot store within the development. Matt Lebenson of Wool Finance arranged the two-year construction loan through an unnamed regional bank. The loan features a 55 percent loan-to-cost ratio and an extension option for the joint venture. GOLDMAN SACHS & CO. PROVIDES $39.5 MILLION REFINANCING FOR VILLAGE SQUARE IN PITTSBURGH Goldman Sachs & Co. has provided a $39.5 million refinancing for Village Square, a 392,497-square-foot power center located in the Bethel Park area of Pittsburgh. John Pelusi of HFF worked on behalf of the borrower, Ox- ford Development Co., to place the 10-year, fixed-rate loan. The Home Depot, Kohl's, Burlington Coat Factory, Michael's, Office Depot and Toys 'R' Us anchor the center, which is also home to tenants including Half-Price Books, Sten's Stride Rite Shoes, Famous Footwear and Avenues. The center also features outparcel pads leased to Olive Garden, TGI Friday's, Pennzoil and PA Wine & Spirits. AGREE REALTY CORP. ACQUIRES 84,584-SQUARE-FOOT RETAIL PROPERTY IN PORT ARTHUR, TEXAS Agree Realty Corp. has acquired an 84,584-square-foot, net-leased retail prop- erty located in Port Arthur. The fully occu- pied center was renovated in 2014 and is home to tenants including Hobby Lobby, Party City and PetSmart. Ryan West and Matt Berry of HFF represented the seller, Baker Katz, in the transaction. PINNACLE ARRANGES SALE OF 10,000-SQUARE-FOOT CENTER IN METRO DENVER FOR $6 MILLION Pinnacle Real Estate Advisors LLC has arranged the $6 million sale of 4989 Factory Shops Blvd., a 10,113-square-foot shopping center located in Castle Rock, Colorado, roughly 30 miles outside Denver. Tom Ethington and Rob Edwards of Pinnacle represented the undisclosed seller in the transaction. Tenants at the center include MOD Pizza, Jersey Mike's Subs and AT&T.; Hobby Lobby, Party City and PetSmart anchor the 84,584-square-foot retail property acquired by Agree Realty Corp.