Thor Equities Secures Loan for Miami Retail Center
ACRES Capital provided the financing.
Thor Equities Group has secured a $37 million construction loan from ACRES Capital for the 63,000-square-foot Wynwood Walk neighborhood retail center in Miami.
The funding reportedly will enable the ongoing leasing of the property, whose tenants already include Puttery, Velvet Taco, Sea Saw/Shinso, Chama De Fogo, Midtown Boba and Collectors Club.
Wynwood Walk is at 230 N.W. 29th St. in Miami, was completed in 1978 and is about 77 percent occupied, according to information provided by CommercialEdge.
Thor Equities has secured more than $100 million in financing with ACRES in the past 30 days. Earlier in November, Thor closed a $68.5 million construction loan for 377 Carlls Path in Deer Park, N.Y. This financing will be used to develop a 310,500-square-foot Class A industrial facility.
READ ALSO: Retail’s Post-Pandemic Recovery
Thor has also recently acquired a 270-acre industrial property in metro Atlanta, improved with a 506,220-square-foot facility with a dedicated 100 MVA substation and 50 MW power output. Thor describes the site as having the infrastructure needed for the development of data center or advanced manufacturing space.
Staying strong
Another recent deal, too, evidences the breadth of Thor Equities’ activities. In June the company acquired a 250,000-square-foot industrial facility in Laredo, Texas. The building was completed in 2023 and is occupied by a customs broker under a five-year lease.
Miami-Dade County’s retail market continues to absorb new construction faster than the admittedly limited quantity of deliveries, according to a third-quarter report from Colliers. Leasing in the latest quarter total 314,000 square feet, versus new supply of just 28,000 square feet.
It’s thus unsurprising that rents are up by 6.3 percent year-over-year, to $46.00 per square foot, triple net. Colliers predicts that current conditions will lead to metro Miami retail property values outperforming the national average.
The Wynwood submarket has a total vacancy of 6.5 percent on an inventory of 2.9 million square feet.
You must be logged in to post a comment.