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