MIAMI-In a transaction that signals a growing appetite forstrong retail investments, Mall of the Americas has secured a $52.5million loan extension. The property is about 95% occupied.
Palm Beach-based Sterling Organization, a retail real estateinvestment, services and development company, owns and operatesMiami’s megamall. Al Rex, senior vice president of Weston-basedGrandbridge Real Estate Capital, facilitated the transaction withthe lender, Allstate.
“While the loan was not maturing for another two years, we feltthat proactively managing our balance sheet well in advance of ourloan expiration was prudent,” says Brian Kosoy, president and CEOof Sterling. Mall of the Americas’ major tenants include HomeDepot, Marshalls, Ross Dress for Less, AMC Theaters, CompUSA, TigerDirect and Old Navy.
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