Working on behalf of Somerset Town Centre LP and Park Centre LP, director Jon Wood arranged the two, 15-year, fixed-rate financings with Farm Bureau of Michigan, a life insurance company. Both entities are Michigan limited partnerships sponsored by Paragon Developments Inc. of Grand Blanc, Michigan. The transactions were co-brokered with Andrew Bratt from PACE Financial in Columbus, OH.
Somerset Town Centre, located on Miller Road, is currently 100% leased. The property is close to the intersection of I-75 and I-69, adjacent to the Genesee Valley Mall at the intersection of Linden Road and Miller Road and is situated on five acres of land. Tenants include Pier One Imports, Outback Steakhouse and Somerset Salon and Day Spa.
Located on South Center Road, Park Place Centre is also currently 100% leased. The property is situated at the intersection of I-69 and South Center Road, fronting on the I-69 service drive and occupying 3.35 acres. Tenants include Pier One Imports and Cora Health Services.
"Most institutional lenders were reluctant about the Flint economy during our marketing. However, Farm Bureau has a solid presence in Michigan and clearly understood the region's market dynamics well enough to underwrite the quality aspects of the transaction," Wood said.
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