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| Vista Shopping Center, Miami Lakes Neighborhood, Miami, FL |
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| 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.
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| 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 | www.hfflp.com
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