HFF Lines Up $23M Acquisition Loan for NC Shopping Center
- Sep 01, 2016
By Adriana Pop
Wilson, N.C.—HFF has arranged $23.3 million in acquisition financing for Heritage Crossing, a 311,030-square-foot, grocery-anchored retail power center at 3401 Raleigh Road Parkway West in Wilson, N.C.
The firm worked on behalf of the borrower, a partnership between Collett Capital, Return Holdings and SilverCap Partners, to place the five-year, floating-rate loan with Bank of North Carolina. Loan proceeds were used to purchase the property.
Built in 2006, Heritage Crossing is 100-percent occupied. The property is anchored by Harris Teeter, Ross Dress for Less, Marshalls, Best Buy, Belk, Bed Bath & Beyond and PetSmart and is shadow-anchored by Target. Other national and regional tenants include Starbucks, Rue 21, Five Below, Payless, Kay Jewelers, Moe’s Southwest Grill, Subway, AT&T Wireless, Cato and GNC.
The Wilson community is situated approximately 50 miles east of downtown Raleigh and 40 miles west of Greenville. The center is situated at the heavily trafficked intersection of Raleigh Road Parkway and Airport Boulevard, which has a combined traffic count of more than 40,000 vehicles per day.
The HFF debt placement team representing the borrower was led by Travis Anderson, senior managing director, and Cory Fowler, associate director.
“Proven by its strong national tenant lineup and 100-percent occupancy, Heritage Crossing is regarded by many as the best location in town, as it is positioned along two major thoroughfares with excellent visibility,” Fowler said in prepared remarks. “This strong partnership and asset will be further enhanced by Collett’s unique understanding of the property’s strengths and previous working relationships with the tenants, as Collett developed the center in 2006.”
Image courtesy of Heritage Crossing