SAN FRANCISCO, CA.. Jan. 31, 2012 - PCCP, LLC announced today it has provided a $22.55 million senior loan to refinance a 230,000 square foot portion of Westover Marketplace (top left aerial photo and bottom right photo)) in San Antonio, Texas on behalf of the owner, Coventry Real Estate Advisors.
Built in 2005, Westover Marketplace totals 600,000 square feet and is located at 8203 State Highway 151. The refinanced portion of the center is approximately 71 percent occupied with major tenants including Ross, PetSmart and Office Depot. Anchor tenants include Target and Lowe’s, which were not a part of the finance transaction.
“Given the healthy economic conditions in San Antonio, the prime location of this center at the corner of two major freeways, and the quality of the tenancy, PCCP saw this as a good opportunity to further its relationship with Coventry Real Estate Advisors,” said Jim Galovan, vice president with PCCP, LLC.
Galovan reported that Coventry has hired CBRE to manage the property as well as head up leasing activity. The major portion of the vacancy is a 48,000 square foot space formerly occupied by Sportsman’s Warehouse.
Westover Marketplace is well-located along the heavily trafficked 410 loop in the northwest San Antonio submarket. The center is highly visible to 155,000 vehicle trips per day along Loop 410, while Highway 151 at this intersection sees another 80,000 vehicle trips per day.
The San Antonio area is one of the United States’ healthiest markets with 7.3 percent unemployment and 2.5 percent job growth in 2011. Population growth was twice the national average the past 12 months due to strong in-migration caused by its diversified economy and low cost of living.
PCCP, LLC is a premier real estate private equity firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion under management in multiple closed-end funds and joint ventures with institutional investors.
With 33 investment professionals and 55 employees across four offices located in New York, San Francisco, Sacramento and Los Angeles, PCCP invests throughout the United States.
Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224.
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