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CMBS Shops Target Grocery-Anchored Retail Trades

RICHMOND, VA-All four active CMBS players were interested in financing the acquisition of Short Pump Station here.

By Erika Morpphy | Updated on September 07, 2010

RICHMOND, VA-Short Pump Station, an 85,720-square-foot Trader Joe’s-anchored retail center, has traded here. AmCap Richmond LLC, a joint venture between AmCap and BayNorth Realty Fund VII, purchased it from S.J. Collins Enterprises, a Fairburn, GA-based retail development company.

Boston-based Colliers Meredith & Grew’s Kevin C. Phelan and Jeffrey D. Black helped the borrower secure a $20.5-million loan for the center, which is located in Richmond’s Short Pump submarket. The sales price has not yet been recorded, but Black tells GlobeSt.com that it was financed at a sub par 70% LTV.

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