Phillips Edison Closes $94.5M in CMBS loans on Centers in Ohio and Arkansas
Phillips Edisons Strategic Investment Fund I closed two CMBS loans totaling $94.5 million. The loans are secured by Bridgewater Falls Shopping Center , a 600,000-sq.-ft. shopping center in Cincinnati, Ohio, and Fort Smith Pavilion , a 400,000-sq.-ft. shopping center in Fort Smith Ark. The loans feature fixed interest rates and 10-year terms.
In this challenging economic environment, these centers attracted national and regional tenants looking to open new locations, said David Birdsall, the Funds senior vice president, in a statement. This is a testament to the fundamentals offered by each center, further evidenced by the strong interest we received in financing these assets on a permanent basis. The loan proceeds allowed Strategic Investment Fund I to return 100 percent of the investors capital less than two years following the funds final capital call. Fund I also owns three additional assets with upside potential in various stages of maturity.
Prairie Ridge Investors LLC sold Prairie Ridge Commons , a 26,444-sq.-ft. retail center in Pleasant Prairie, Wis., to Repak Pridge Partners LLC for $8.525 million. The transaction closed at a cap rate of 8.23 percent. Tenants at the center include Starbucks Coffee, Panda Express, AT&T and Aspen Dental. Jeff Conover, of Faris Lee Investments , represented both parties in the transaction;
N3 Retail LLC sold a 3,138-sq.-ft. retail property in Kenosha, Wis. to Sunshine Investors for $1.05 million. The transactions closed at a cap rate of 9.37 percent. Tenants at the property include Starbucks Coffee and EZ Money Payday Loan. Jeff Conover, of Faris Lee, represented the seller in the transaction. Mid-America Wisconsin represented the buyer.
The Boulder Group negotiated the sale of a 10,908-sq.-ft. single tenant net leased CVS in Bellaire, Texas for $3.6 million. CVS has a seven-year triple net lease for the property. Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented the seller in the transaction. The Boulder Group also negotiated the sale of a 7,920-sq.-ft. single tenant net leased Advance Auto Parts store in Walker, Mich. for $1.385 million. Advance Auto Parts has a 15-year, double net lease on the property. Randy Blankstein and Jimmy Goodman represented both parties in the transaction.
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Tenants at the property include Starbucks Coffee and EZ Money Payday Loan. Jeff Conover, of Faris Lee, represented the seller in the transaction. Mid-America Wisconsin represented the buyer. Grandbridge Real Estate Capital originated a $10.3 million,
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