Epic Real Estate Partners Secures $100M for Retail Portfolio

Epic Real Estate Partners has secured some $100 million for the refinancing of a retail portfolio comprising five grocery-anchored shopping centers across five states. Prime Finance Partners and John Hancock Life Insurance provided the loans, public records show. Cushman & Wakefield brokered the transaction on behalf of the borrower.

Anchored by Cub Foods, Kroger, Bashas, Safeway and Jewel Osco, the 625,000-square-foot portfolio was 93.2 percent leased at the time of the deal. The five shopping centers are: Eagan Towne Centre in Eagan, Minn.; Ventana Village in Tucson, Ariz.; Preston Trail Village in Dallas; Cobbler Crossing in Elgin, Ill.; and Kauai Village in Kapaʻa, Hawaii.

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Cushman & Wakefield Executive Managing Director Beth Lambert, Managing Director Chase Johnson, Senior Financial Analyst Caleb Riebe and Brokerage Analyst Andrew White from the Equity Debt & Structured Finance team arranged the financing for Epic.

At the end of last year, another Cushman & Wakefield team brokered the transaction of Palm Valley Pavilions West, a 232,573-square-foot power retail center in Goodyear, Ariz. 

A closer look at the retail portfolio

Completed in 1985, Eagan Towne Centre occupies some 14.7 acres at 1276 Town Centre Drive. The 153,548-square-foot property was acquired by Epic back in 2017 from Deutsche Bank for $21.6 million, according to CommercialEdge data. Cub Foods, Dollar Tree and Big Lots anchor the retail center.

Totaling 106,587 square feet, Ventana Village came online in 1994 at 6890 E. Sunrise Drive. Epic acquired the shopping center from Westwood Financial back in 2014. The property is part of the affluent Foothills community of Tucson, where the average household income exceeds $110,000 within a 3-mile radius, according to Epic.

Located in North Dallas at 17194 Preston Road, Preston Trail Village comprises four buildings totaling 190,000 square feet. The asset came online in 1982 and was purchased by Epic in 2018. Preston Trail Village serves around 138,000 individuals within a 3-mile radius, with the average household income of $98,000.

Built in 1991, the 102,643-square-foot Cobbler Crossing is within Chicago’s Golden Corridor at 1020 Summit St. Pine Tree Commercial Realty sold the property to Epic in 2018 for $13 million, the same source shows.

The 111,021-square-foot Kauai Village came online in 1989. The shopping center is strategically located at 4-831 Kuhio Highway, in an area where the daily traffic count reaches approximately 20,000 vehicles.