Marcus & Millichap Capital Corporation closed more than $160 million in financing for six shopping centers across the United States that comprise more than 1.4 million square feet. Five of the shopping centers were located either in the Midwest or Texas.
Todd McNeill and Sunny Sajnani, senior managing directors in Capital Markets at MMCC’s Dallas Uptown office, arranged the financing for the six shopping centers by working with various financial institutions to provide the funding, including JP Morgan, Morgan Stanley, Goldman Sachs and Happy State Bank.
“Grocery-anchored centers are essential. That’s been proven even before the pandemic and well after,” said Nick Hodge, chief executive officer of Essential Growth Acquisition Properties. Hodge was the former head of corporate real estate for Kroger Cos. and started Essential with a focus of acquired high performing grocery anchored centers across the country.
Newport Pavilion – Located in Newport, Kentucky, the 336,900-square-foot shopping center has more than 35 retailers, including popular national retailers Target, TJ Maxx, Dick’s Sporting Goods, Ulta, PetSmart and Chick-fil-A. The site was acquired by Dallas-based Rainier Companies, a leading commercial real estate investment firm. This property received a 10-year fixed-rate loan with a 3 percent interest rate.
Wolflin Village –The 159,485-square-foot retail center anchored by Office Depot, Sprint, Edward Jones, and Talbot’s is located in located in Amarillo, Texas. Morris Capital Partners owns the property. This retail center received a 10-year fixed-rate loan with a 3.9 percent interest rate.
Midlothian Towne Crossing – The 53-acre development is located in Midlothian, Texas, and is anchored by brands such as a 123,000-square-foot Kroger, Ross, Burke’s Outlet, Jo-Ann’s and Ulta. The property is owned by Weber & Co., a private development firm. This development received a 10-year fixed-rate loan with a 3.5 percent interest rate.
Epic West Towne Crossing – Located in Grand Prairie, Texas, the 276,817-square-foot shopping center is shadow anchored by IKEA and anchored by, Burlington, Michaels and Petco. The site is owned by Weber & Co, a private development firm. This brick-and-mortar site received a 10-year fixed-rate loan with a 3.25 percent interest rate.
Shoppes of Mason – Located in Mason, Ohio, the 81,000-square-foot shopping center anchored by Kroger, UPS, T-Mobile and Avis. The shopping center was acquired by Essential Growth Acquisition Properties, a Cincinnati-based investment firm focused on grocery anchored shopping centers. This property received a 10-year fixed-rate loan with a 3.8 percent interest rate.
Lake Drive Plaza – Located in Vinton, Virginia, this center is comprised of a 163,000-square-foot shopping center anchored by Kroger, GNC, H&R Block and Tractor Supply. The shopping center was acquired by Essential Growth Acquisition Properties, a Cincinnati-based investment firm focused on grocery anchored shopping centers. This property received a 10-year fixed-rate loan with a 3.25 percent interest rate.