X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the debt and equity markets.)

SACRAMENTO-Doerken Properties has added three Sacramento-area retail centers to its core portfolio. The Santa Monica, CA-based shopping center investor used a financing package that covered 95% of the cost to acquire and reposition the 343,170-sf package, which was acquired for $64.4 million. The seller was Kimco Realty Corp. Acquisition financing was arranged by Los Angeles-based George Smith Partners.

In the largest transaction, Doerken acquired Commonwealth Square, a 141,310-sf neighborhood shopping center on a 14-acre lot in Folsom, CA. The property is located at 703 East Bidwell Street and is anchored by Raley’s Supermarket. Additional tenants include Hollywood Video, Century 21, Mail Boxes Etc., Papa Murphy’s, My Gym, Jiffy Lube and H&R Block. The property is 97.5% occupied. Financing for the acquisition totaled $37.1 million, including a $33.2-million, five-year, non-recourse, 85% loan-to-cost, interest-only senior loan at 140 basis points over the 10-year Treasury, and additional mezzanine financing.

In one of the other transactions, Doerken acquired Kmart Center, a five building, 132,630-sf Kmart and Big Lots anchored retail center on a 10.4-acre lot at 5200 Stockton Blvd. in Sacramento. Other tenants include Aaron Rentals, Burger King, Round Table and RadioShack. The center was 100% leased at the time of financing. Financing included a five-year, non-recourse, 85% LTC interest-only loan priced at 140 basis points over the five-year Treasury.

In the third transaction, Doerken acquired Glenbrook Shopping Center, a 69,230-sf, Big Lots-anchored retail center on 6.8 acres at 8700 La Riviera Dr. in Sacramento. The neighborhood retail center is located adjacent to Watt Avenue and Interstate 50. Tenants include Round Table Pizza, Jack in the Box and Subway. The center was 100%leased to 19 tenants at the time of financing. The $11.7-million financing packahge includes a $10.5-million, 10-year, 85% LTC non-recourse, interest-only loan at 135 basis points over the 10-year Treasury, and additional mezzanine financing.

George Smith Partners principal Gary Mozer arranged the financings with VPs Steven Orchard and Joshua Roseman.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.