HFF Secures Orlando Retail Center Refi
- Jul 20, 2017
HFF secured a $12.8 million refinancing on behalf of Cutwater Capital LLC for Adanson Marketplace, a 156,377-square-foot retail center located in Orlando, Fla. Loan proceeds of the floating rate financing placed through Iberia Bank will be used to pay off an existing loan and provide capital for future leasing.
Located on a 14.7-acre site at 902-1028 Lee Road, Adanson Marketplace is exposed to approximately 45,000 vehicles per day, being positioned along Adanson Street and Lee Road, in a five-mile radius of more than 260,000 residents. The asset is one-third of a mile from Interstate 4 and in close proximity to US Route 441.
Renovations and Tenure Details
The one-story property recently underwent significant renovations, including upgrades to the façade, storefronts, sidewalks, landscaping, pylon signs and parking areas. Anchored by a new Walmart Neighborhood Market and Fuel Center that opened in November 2016, the center is also home to a variety of national and regional tenants, such as Dollar Tree, Sam Ash Music Store, Metro PCS, McDonald’s and La Spada’s Subs.
“Despite all the headlines about the downfall of retail, there is still plenty of debt capital out there for necessity-based and grocery-anchored shopping centers like this one,” said Michael Weinberg, senior managing director at HFF, in a prepared statement.
Weinberg and Senior Managing Director Brad Peterson of led the debt placement team.
Image courtesy of Forness Properties