ST. LOUIS, MISSOURI (September 26, 2022) – David Garfinkel, senior vice president/managing director of Northmarq’s St. Louis office, secured $21,000,000 in acquisition financing for Bradford Square, a Class A, 78,628-square-foot, grocery-anchored neighborhood retail center in Cary, North Carolina, a suburb of Raleigh.
The center, located at 1020 Bradford Plaza Way, was fully leased at the time of the sale and is anchored by a 49,000-square-foot Publix grocery store.
Northmarq arranged the permanent-fixed loan through its relationship with a Life Insurance Company for the borrower, St. Louis-based National Real Estate Management (NRE), with whom Northmarq has a longstanding 20-year relationship.
NRE boasts a diverse, national real estate portfolio of retail shopping centers, apartment communities, manufactured housing communities, and office/industrial properties.
In addition to Publix, which is based in Lakeland, Florida, and aggressively expanding into the North Carolina market, Bradford Square is also home to Cary Salon, Night and Day Dental, First Watch, Brixx Wood Fired Pizza, Burger 21, and Hand and Stone Massage Spa.
“It is a high-performing, grocery-anchored retail center in a sought-after submarket,” Garfinkel said. “Publix was the original tenant and has a long-term lease with a lot of remaining term. The grocer has strong store sales and is a significant traffic generator for the center. These types of centers anchored by quality grocery stores are very attractive to investors and the lending community.”