ST. PETERSBURG, FL-Taking advantage of continuing low-interest rates, Gaslight Square Inc. has borrowed $3.6 million at 10-year, fixed 5.65% interest-rate financing through a Wall Street conduit lender for its 19-year-old, 49,985-sf Gaslight Square retail property here.
Broker Dwight Blader in the Tampa office of Marcus & Millichap Capital Corp. arranged the funding at a 70% loan-to-value ratio. Blader says the property at 9219 N. 56th St. was approved for up to 85% loan-to-cost ratio, including "a 5%, 10/30 mezzanine piece priced at 12.75%." The loan is being amortized over 30 years and will be used toward acquisition costs.
In a separate retail activity, Florida Realty Investors of Lido Beach, NY has selected the Tampa office of Marcus & Millichap to sell its 100%-leased, 72,733-sf Temple Terrace Shoppes near Busch Gardens in Temple Terrace. The owner is asking $10 million or $137.48 per sf for the 28-year-old property that was remodeled in 1990 and 2002. Florida Realty Investors is selling the property to get into other investments.
M&M brokers Les Aron and David Goldstein are the listing agents for 5.53-acre property which is near the Bullard Parkway and Busch Boulevard area. Tenants include CVS Drugs, Sav-A-Lot groceries, Blockbuster Video and Dollar Tree.
"With its strong list of credit tenants, a long history of 100% occupancy and a popular retail location in a well-traveled shopping destination, Temple Terrace Shoppes will continue to provide a secure and profitable investment well into the future," says Aron.
The property is located directly across the street from Town Center, a planned multi-million-dollar redevelopment that will include retail, commercial, municipal and residential development.
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