MN Retail Center Lands Financing
The borrower will use the three-year, floating-rate loan secured by HFF to redevelop the 137,000-square-foot retail center, which is anchored by Cub Foods.
Burnsville Market
HFF has arranged a $7 million, three-year loan for Burnsville Market, a more than 137,000-square-foot grocery-anchored retail center in Burnsville, Minn. The company worked on behalf of the borrower, Sterling Org., to secure the floating-rate bridge loan with RGA Reinsurance Co.
The property is located at 1750 County Road 42 W., on approximately 16.5 acres along the retail corridor that serves the southern Minneapolis MSA. Within a 3-mile radius, more than 69,000 residents earn an average income of more than $87,000. Burnsville Market is anchored by Cub Foods, a supermarket chain with 77 stores in Minnesota and Illinois.
Sterling Org. plans to redevelop the property. Senior Managing Director Chris Drew, Senior Director Nat Scarmazzi, Associate Matthew McCormack and Managing Director Jules Sherwood were part of the debt placement team that represented the borrower.
“The Sterling Org. purchased the asset opportunistically and will begin to reposition the center to capitalize on the phenomenal market fundamentals and stellar demographics,” Scarmazzi said in a prepared statement. “RGA understands the market and, more importantly, the quality of the sponsorship, which allowed them to execute in a compressed closing timeline.”
The deal comes after HFF secured a $60.2 million loan for Somera Road Inc.’s acquisition of City Center Square.
Image via Google Street View
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