HFF Secures $170M Refi for NoCal Retail Portfolio

The 33 triple-net-leased grocery retail assets in San Francisco Bay Area, Sacramento and the Central Valley are fully occupied under a master lease with The Save Mart Cos.

Save Mart, Sacramento, Calif.
Save Mart, Sacramento, Calif.

HFF has arranged a $170 million refinancing for a retail portfolio in northern California on behalf of the borrower, RMP Properties LLC, a Save Mart Cos. affiliate. The securitized loan will refinance an existing CMBS loan on the portfolio that comprises 33 triple-net-leased grocery retail assets. HFF placed the 10-year, fixed-rate loan with a consortium of CMBS lenders led by UBS.

The tenant

Located in three key northern California markets, San Francisco Bay Area, Sacramento and the Central Valley, the portfolio totals 1.7 million square feet and is fully occupied under a master lease with The Save Mart Cos. The properties are operated under grocery brands Save Mart, Lucky, Lucky California and FoodMaxx as either free-standing grocery stores or as retail center anchor tenants.

“The quality of the RMP assets from both an operational and geographical perspective was instrumental in the successful loan placement in a somewhat bearish retail financing environment,” said HFF Managing Director Peter Smyslowski in prepared remarks, who led the debt placement team together with Director Chris Gandy and Associate Rob Bova.

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