Saturday, December 26, 2015

HFF arranges $20 million financing for Miami, FL grocery-anchored retail center

Vista Shopping Center, Miami Lakes Neighborhood, Miami, FL

Chris Drew
MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $20 million senior loan for the refinancing of Vista Shopping Center, an 88,699-square-foot retail center with a grocery and pharmacy anchor in the Miami Lakes neighborhood of Miami, Florida.

HFF worked on behalf of the borrower, an affiliate of Saglo Development Corporation, to place the 10-year, fixed-rate loan with TD Bank, N.A. – America's Most Convenient Bank.  Loan proceeds were used to retire the existing mortgage and make capital improvements to the property.

Vista Shopping Center is home to anchors Sedano’s Supermarket and Navarro Pharmacy as well as national and regional in-line tenants, including Catherine’s Fashions, Chipotle Mexican Grill, Clippers, Wing Stop, LA Nails, Bridgestone and Miral Jewelry. 

Additional outparcel pad tenants of the 97-percent-leased center include Jiffy Lube, Checkers and La Brasa Miami Gardens.  

Situated on 9.21 acres at 6400 NW 186th Street in northern Miami, the center is at the “Main and Main” intersection of Miami Gardens Drive (NW 186th Street) and Ludlam Road (NW 7th Avenue), which have combined traffic counts of 71,000 vehicles per day.

Jose Carrazana
 The property is proximate to State Road 826, Interstate 75 and the Homestead Extension of the Florida Turnpike, all major transportation arteries in South Florida.  Vista Shopping Center is in the Miami Lakes neighborhood, an urban area centrally located between Miami and Fort Lauderdale near the Miami-Dade and Broward County border.

The HFF debt placement team representing the seller was led by director Chris Drew and associate director Jose Carrazana

”The capital markets continue to favor strong performing grocery-anchored shopping centers located in densely-populated urban areas,” Drew said.  “Additionally, we have witnessed an increased appetite from both debt and equity providers for specialty grocers with a strong and loyal following such as Sedano’s.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

No comments: