$20 million financing arranged by HFF for Miami grocery-anchored retail center
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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. 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.”
About Saglo Development Corporation
Saglo Development Corporation (Saglo) is a Miami, Florida-based privately-held commercial real-estate development business that specializes in the acquisition, renovation and active management of its prime neighborhood and community shopping centers. Saglo is committed to the success of its retail partners; and is committed to making its properties a destination of choice for all consumers. For more information, visit www.saglo.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.