VERO BEACH, Fla. - Cole Real Estate Investments has secured $23.4 million for three power centers in the U.S., including the 107,049-square-foot Century Town Center in Florida.
Holliday Fenoglio Fower LP senior managing director Kevin MacKenzie and managing director Paul Stasaitis in Irvine, Calif., arranged the financing for Phoenix-based Cole, which recently acquired the trio of retail properties. In addition to the Florida property, the collateral includes the 70,978-square-foot Plaza at Power Marketplace II in Queen Creek, Ariz., and 85,356-square-foot Dimond Crossing in Anchorage.
Citigroup Global Markets Inc. provided a 10-year, interest-only fixed-rate loan at a 5.4 percent.
"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," MacKenzie said. "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."
Century Town Center, developed in 2008, is 93 percent leased to seven tenants. The Arizona center, built in 2007, is 92 percent leased to 10 tenants. The Alaska property, which delivered in 1981, is fully leased to eight tenants. The retailers include Marshalls, HomeGoods, Petco, LA Fitness, PetSmart and Bed Bath & Beyond.