LOS ANGELES, CALIFORNIA (October 27, 2022) – Ory Schwartz, senior vice president/managing director of Northmarq’s Los Angeles debt/equity team, secured $9.25 million in financing for the acquisition of two retail properties located in Texas and North Carolina. Northmarq negotiated the two separate loans for an individual investor through its correspondent relationship with a life insurance company.
“These acquisitions were for a 1031 exchange for a long-time Northmarq client,” said Schwartz. “Both properties were newer, and had numerous tenants that were not yet open for business. Northmarq was able to mitigate the Lender’s concerns and not require any structure around this.”
Plum Creek Village: Northmarq arranged $5.25 million in acquisition financing for the 19,899 sq. ft. unanchored strip retail property (built in 2021). It is located at 4520 FM 1626 in Kyle, Texas. The permanent-fixed loan was structured with a fully-amortizing 25-year term.
The property is ideally located for retail, with close proximity to I-35 (146,137 vehicles per day) and FM 1626 (34,372 vehicles per day), as well as being within walking distance of Austin Community College: Hay’s Campus. The site features 156 parking spaces. Tenants on the property include: Shipley’s Tropical Smoothie Café, and Action Behavior Center.
Zebulon Crossing: Northmarq arranged $4 million in acquisition financing for the 30,475 sq. ft. unanchored strip retail property (built in 2007). It is located at 877 East Gannon Avenue in Zebulon, North Carolina. The permanent-fixed loan was structured with a fully-amortizing 20-year term.
The property is only 1.3 miles from Downtown Zubulon, and only 25 miles from Downtown Raleigh. The center’s occupants benefit from access from the signalized intersection of East Gannon Avenue and Old US 264, while also being only a 1-minute drive from US-264 (30,500 vehicles per day). Zebulon Crossing is in close proximity to a 1,500+ residential development being built within 2 miles. Tenants include: Verizon, GameStop, Great Clips, Papa Johnsons, and more. The property contains 160 parking spaces.