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| North Ridge Plaza, Joliet, IL |
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| Erin Patton |
JOLIET, IL – Marcus & Millichap Capital Corp. (MMCC), a
leading provider of commercial real estate financing and capital markets
expertise, has arranged $10,612,000 of debt for North Ridge Plaza, a
238,000-square-foot retail power center in Joliet, Ill.
Richard
Lynn, a director in MMCC’s Chicago Oak Brook office, arranged the
loan.
Robert
Horvath and Todd Tremblay in Marcus & Millichap’s Boston office
represented the buyer, North Windham Properties LLC.
Scott Wiles and Craig Fuller in the firm’s
Cleveland office, along with Sean Sharko and Austin Weisenbeck,
both in Marcus & Millichap’s Chicago Oak Brook office, and Erin Patton
in the firm’s Columbus office, represented the seller.
“The
Boston-based 1031 exchange buyer needed prompt local financing to complete the
acquisition of this value-add opportunity asset,” says Lynn. “MMCC worked with
a Chicago-based community bank to provide the loan and the entire process was
completed in less than five weeks.”
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| Richard Lynn |
The
four-year fixed loan amortizes over 25 years at 4.5 percent. The loan-to-value
is 75 percent.
“North Ridge Plaza is an institutional-quality asset located
along Joliet’s most heavily trafficked retail corridor,” says Wiles. “The new
owner plans to reposition the property and add several new anchor tenants.”
The power center was built in 1985 on 29 acres. Current
tenants include Ultra Foods, Office Max, Hobby Lobby, Burlington Coat Factory,
GameStop, Fashion Bug, Home Choice and Sally Beauty and Supply.
“The completion of
this transaction is a testament to the power of Marcus & Millichap’s
collaborative culture and the benefits that a national commercial real estate
services firm with a powerful financing contingent can provide to clients,”
adds Charles Krawtiz, MMCC’s central region vice president.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
Marcus & Millichap Capital Corporation
(925) 953-1716
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