Natixis Provides $35M Financing for Retail Center Acquisition
Colliers International arranged the financing used for the purchase of a 276,333-square-foot shopping center in Arlington Heights, Ill. The loan will be granted in two tranches.
By Roxana Baiceanu
North Point Center, Arlington Heights, Ill.
Natixis provided a $35 million loan to an institutional investor for the acquisition of NorthPoint Center, a 276,333-square-foot retail center in Arlington Heights, Ill. Loan proceeds include an initial $30 million, with the remaining $5 million to be granted later, for future leasing. The financing was secured by Jeff Black, executive vice president with Colliers International’s Boston office.
An established shopping center
The suburban Chicago retail center is located at the corner of Rand Road and Arlington Heights Road. The 38-unit retail center is anchored by a Jewel Osco store, which has been a tenant since 1991. The grocery chain has recently renewed its lease and renovated the 68,237-square-feet it occupies. The other two major tenants are Ross Dress for Less and Marshalls.
NorthPoint is part of a strong demographic area, with a population of more than 300,000 people within a five-mile radius and a household income of approximately $100,000. The area’s daily traffic includes more than 50,000 vehicles.
Image courtesy of AmCap Inc.
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