MIAMI—Vista Shopping Center, an 88,699-square-foot retail center complete with a grocery and pharmacy anchor, has secured a $20 million senior loan. The grocery-anchored shopping center is in Miami's Miami Lakes submarket.
HFF represented the borrower, an affiliate of Saglo Development Corporation, to place the 10-year, fixed-rate loan with TD Bank. Saglo used the loan proceeds to retire the existing mortgage and make capital improvements to the retail asset.
"The capital markets continue to favor strong performing grocery-anchored shopping centers located in densely-populated urban areas," says HFF director Chris Drew, who worked with associate director Jose Carrazana to secure the financing. "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."
Vista Shopping Center is home to anchors Sedano's Supermarket and Navarro Pharmacy, along with national and regional in-line tenants like Catherine's Fashions, Chipotle Mexican Grill, Clippers, Wing Stop, LA Nails, Bridgestone, and Miral Jewelry. The retail center is 97% leased. Jiffy Lube, Checkers and La Brasa Miami Gardens are among the outparcel pad tenants.
Vista Shopping Center sits on 9.21 acres at 6400 Northwest 186th Street in North Miami. That's the "Main and Main" intercession of Miami Gardens Drive and Ludlam Road, which see traffic counts of 71,000 cars a day. The grocery-anchored center is also close to State Road 826, Interstate 75 and the Homestead Extension of the Florida Turnpike.
For an analysis of sales and development trends in the Southeast, we talked to Bryan Belk, director at Franklin Street. He told us the biggest struggle developers are having is finding the right piece of land.
"The biggest trend we are seeing is that specialty grocers are being the catalyst for new in-town developments in major cities across the Southeast," Belk tells GlobeSt.com. "Generally, when you are seeing site plans for major mixed-use developments these days it includes a Whole Foods, Sprouts, or another attractive grocer anchor."
Want to know more about what's hot in retail? It's more than specialty grocers.
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