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SAN JOSE, CA-The owners of Kingberry Shopping Center have secured a $2.4-million permanent loan for the 18,828-sf shopping center, according to Newmark Realty Capital Inc.

Mitchell Zeemont of Newmark says the 15-year loan, which amortizes over 25 years, closed at 6.07% in a fixed-rate deal. Newmark arranged the financing with GE Asset Management, for whom Newmark is the exclusive San Francisco Bay Area correspondent.

The Kingberry Shopping Center stands on a 2.38-acre site located at the intersection of Lundy Avenue and Berryessa Road and was 100% occupied at the time of the closing. The neighborhood shopping center’s roster includes a 7-Eleven convenience store and 10 local tenants.

The San Jose retail market ranked 19th nationally in a recent Marcus & Millichap survey of the nation’s leading retail markets. The annual National Retail Index ranks markets on the basis of a series of 12-month, forward-looking supply and demand indicators. San Jose fell this year from its number 14 ranking last year in the survey, which showed neighboring San Francisco at number six, dropping one spot.

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