MIAMI, FL – HFF announced today that it has arranged $29 million in financing for Cordova Commons (top left photo) and Tradewinds Shopping Center (middle right photo), retail centers totaling 354,245 square feet in Pensacola, Florida.
HFF worked on behalf of the borrowers, VIF II Cordova Associates LLC and VIF II Tradewinds Associates LLC to secure the five-year, floating-rate loan through US Bank NA.
The borrowers are both joint ventures of GMH Capital Partners and AEW Capital Management L.P. Loan proceeds were used to retire existing debt on both properties and provide funding for the releasing of a vacant K-Mart store.
Cordova Commons, which was renovated in 2008, is a 175,691-square-foot community shopping center anchored by Stein Mart and Petco. The property is situated on 12 acres at the corner of Airport Boulevard and North Ninth Avenue adjacent to the Pensacola Regional Airport and across from the Cordova Mall.
Tradewinds Shopping Center is a 178,554-square-foot community shopping center. Renovated in 2007, the property is 91 percent occupied and is anchored by TJ Maxx, JoAnn Fabrics, Shoe Station and Dollar General. Tradewinds Shopping Center is located at the southwest corner of North Davis Highway and East Burgess Road close to the Interstate 10/110 interchange.
The HFF team representing the borrowers was led by senior managing director Paul Stasaitis (lower left photo) and director Chris Drew (lower right photo).
GMH Capital Partners is a fully integrated real estate owner and service provider specializing in the areas of development, construction, property and asset management, and investment sales.
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide.
One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $31 billion of capital invested in over $45 billion of property and securities in North America, Europe and Asia (as of September 30, 2011).
Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum.
AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Singapore and Hong Kong, as well as additional offices in nine European cities. For more information please visit www.aew.com.
Contacts:
PAUL STASAITIS, HFF Senior Managing Director, (305) 448-1333, pstasaitis@hfflp.com
KRISTEN MURPHY, HFF Associate Director, Marketing, (713) 852-3500
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