HFF announces sale and financing of grocery-anchored retail center in Dubuque, Iowa
CHICAGO, IL – April 5, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of and acquisition financing for Warren Plaza, a 96,310-square-foot, grocery-anchored shopping center in Dubuque, Iowa.
The HFF team marketed the property for the seller, Brixmor Property Group. The DESCO Group purchased the asset. Additionally, working on behalf of the new owner, the HFF team arranged a fixed-rate loan to finance the acquisition.
Anchored by a market-dominant Hy-Vee grocery store, the 90.5-percent-leased Warren Plaza is also home to Super Cuts, Video Games Etc!, Miracle Ear, Great Dragon Restaurant in addition to Chick-fil-A, which is on a ground lease. The center is shadow-anchored by the only Target within 75 miles. Situated on 13.33 acres at 3500 Dodge Street, Warren Plaza is located along the highly trafficked U.S. Highway 20 retail corridor in Dubuque, an Iowa community at the intersection of Iowa, Illinois and Wisconsin. The center draws from an expansive trade area that includes all three states and about 157,261 consumers. Additionally, the center is across the street from Kennedy Mall, the only super regional mall within 90 miles.
The HFF investment advisory team representing the seller included senior directors Amy Sands and Clinton Mitchell along with managing director Jules Sherwood, a licensed Iowa real estate broker.
The HFF debt placement team included director Christopher Knight.
About Brixmor Property Group
Brixmor Property Group, a real estate investment trust (REIT), is a leading owner and operator of high-quality, open-air shopping centers. The company's more than 475 retail centers comprise 83 million square feet in established trade areas across the nation and are supported by a diverse mix of highly productive non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. Brixmor is committed to maximizing the value of its portfolio by prioritizing investments, cultivating relationships and capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing reinvestment opportunities. Headquartered in New York City, Brixmor is a partner to more than 5,000 best-in-class national, regional and local tenants and is one of the largest landlords to The TJX Companies and The Kroger Company. Learn more at brixmor.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.