According to Colton Sudberry, senior vice president of SudberryProperties, the new financing "resolved some tenant liquidityissues" and also provides Sudberry with longer-term financing "thatwill enable us to realize better returns when the financial marketsstabilize." Sudberry notes that the deal went through, "despite allthe negative news in retail and the credit crunch."

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The open-air center is 92% occupied, with a tenant rosterincluding Henry's Marketplace, Borders Bookstore, Petco, Pier 1Imports and Trader Joes.

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The deal between GE and Sudberry, which owns and manages nearlytwo-million sf of income-producing retail properties in the SanDiego area, was brokered by Capmark Finance Inc.

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Located approximately 18 miles southeast of downtown San Diegoat EastLake Parkway and Miller Drive, the EastLake community ofChula Vista has grown quickly over the past decade. The VillageWalk center also is adjacent to Eastlake Village Marketplace, a420,000-sf retail power center developed, owned, and managed bySudberry Properties and anchored by Target and Lowe's.

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"Lenders are tightening up on retail in general, but GE RealEstate recognized the high value of a quality asset in a submarketthat is particularly strong," observes Michael Dobbins, vicepresident of the San Diego office of Capmark Finance.

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The average household income within three miles of Village Walkis more than $100,000, notes Brandon Loveridge, director at GE RealEstate. "The property also is one of the few centers in the countryto have two great grocers, which also was attractive for us.

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