HARLINGEN, TX-A Southern California buyer has acquired Lincoln Corners, a 180,000-sf neighborhood retail center from a Dallas developer. Real estate investor and manager USA Properties Inc. acquired the four-year-old center for slightly less than $20 million.
St. Ives Realty Inc.'s affiliate, Harlingen SC Partners Ltd., sold a 97%-leased asset at 2209 W. Lincoln St. next to the area's regional Valle Vista Mall and Wal-Mart, with drawing power from both sides of the border. Lincoln Corners was 97% occupied at sale time. Tenants include PetSmart, Ross Dress for Less, Hobby Lobby and Dollar Tree.
Kevin C. MacKenzie, director with the Dallas office of Holliday Fenoglio Fowler LP, says the center represented a strong investment for the buyer because of its location near other high-profile retail centers, high occupancy and strong national tenants.
MacKenzie, who arranged a $17.42-million acquisition loan, tells GlobeSt.com that there was definitely interest in financing the acquisition. Goldman Sachs Commercial Mortgage Capital LP was selected because it "offered an extremely competitive rate and a structure that gave the borrower necessary flexibility to achieve maximum short-term and long-term results," he says.
The 10-year securitized loan was 80% leveraged with a 5.99% fixed-rate interest and 30-year amortization. Because the center is still fairly new, MacKenzie says there are no renovations anticipated. Doug Hazelbaker and Ryan Shore with CB Richard Ellis' in Dallas brokered the transaction.
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