EDINBURG, TX-Buoyed by a $1.4-million loan, a California investment group has taken control of its third Texas property with the acquisition of an 11,920-sf shopping plaza along Sugar Road.
Investment Ideas Inc., of Rancho Santa Margarita, CA picked up the University Plaza Retail Center at 321 Sugar Rd. from McAllen, TX-based Blue Mountain Development, which built it in 2004. It was Investment Idea's third Texas acquisition in the McAllen area from Blue Mountain, D'Etta Casto with Live Oak Capital Ltd. of Houston tells GlobeSt.com.
Funding for the venture, arranged by Live Oak's Greg Young, helped secure the deal. The 10-year loan, arranged through JPMorgan Capital Inc.'s Dallas office, carried a fixed interest rate of 5.54% and amortizes over 30 years. The loan-to-value isn't being disclosed.
"The area is very good right now because the economy is doing quite well and employment is low," says Casto, noting the plaza, which is shadow-anchored by Wal-Mart, is fully occupied by tenants that include Tico's Restaurant, Planet Dollar and a UPS Store.
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