IRVINE, CA – HFF announced that it has arranged $23.4 million in financing for three retail power centers: Century Town Center (top left photo) in Vero Beach, Florida; The Plaza at Power Marketplace II (middle right photo) in Queen Creek, Arizona; and Dimond Crossing (lower left photo) in Anchorage, Alaska.
Working on behalf of Cole Real Estate Investments, HFF placed the 10-year, interest-only, 5.4 percent fixed-rate loan with Citigroup Global Markets Inc. (CMBS). Cole recently acquired the properties and the financing is placing new debt on all three centers.
The properties are 95 percent leased overall and anchored by retailers including Marshalls, HomeGoods, Petco, LA Fitness, PetSmart and Bed Bath & Beyond. Individual property details are listed below:
Century Town Center, Vero Beach, FL, 107,049 SF, 93% leased, Seven tenants, Year rebuilt or renovated. 2008
The Plaza at Power Mktplace II, Queen Creek, AZ, 70,978 SF, 92% leased, 10 tenants, year rebuilt or renovated, 2007 Dimond Crossing, Anchorage, AK, 85,356 SF, 100% leased, Eight tenants, year built or renovated, 1981
The HFF team representing Cole Real Estate Investments was led by senior managing director Kevin MacKenzie and managing director Paul Stasaitis.
“This is an excellent example of the CMBS market providing an attractive financing option for a strong sponsor, which may not otherwise be available in the market today.
“While we were able to obtain interest from banks and life companies, Citigroup was able to best meet the borrower’s needs including providing a full-term, interest-only loan,” said MacKenzie.
Contacts:
KEVIN MACKENZIE
HFF Senior Managing Director
(949) 253-8800
HFF Senior Managing Director
(949) 253-8800
HFF Associate Director, Marketing
(713) 852-3500
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