Largo Group Arranges $83M Funding for Retail Portfolio
- Jun 09, 2020
The Largo Group of Cos., of Getzville, N.Y., has secured $83.3 million in permanent financing for an eight-property, grocery-anchored retail portfolio. Kevin Heiss, the company’s Toronto-based managing director, arranged a 10-year loan at a competitive interest rate with one of Largo’s 21 correspondent lenders on behalf of the unidentified borrower.
The cross-collateralized pool totals 945,000 square feet and includes high-quality anchors such as Walmart, Publix and Giant. The portfolio is spread across Pennsylvania, Florida, North Carolina, Georgia, Tennessee, and Michigan. Largo declined to provide additional information about the transaction or the parties.
In a Commercial Property Executive podcast in December, Cedar Realty Trust President & CEO Bruce Schanzer discussed why grocery-anchored realty assets are so resilient in the current retail environment.
And while larger transactions grab the spotlight, there are plenty of smaller—if you’ll pardon the expression, bread-and-butter—deals involving grocery-anchored properties.
In December, PAG Investments bought Simsbury Commons, a 256,800-square-foot shopping center in Simsbury, Conn., near Hartford, that’s anchored by a Stop & Shop traded for $46.5 million. NKF both brokered the property on behalf of the seller and arranged the buyer’s financing.
And early this year, two grocery-anchored retail properties traded in metro Philadelphia. In January, Barings Real Estate sold the Whole Foods–anchored Baederwood Shoppes, in Jenkintown, Pa., to a joint venture of Inland Institutional Capital and Charter Realty & Development Corp for $43.3 million.
In February, a partnership of Madison International Realty and SITE Centers Corp. sold Cross Roads Plaza in Hainesport, N.J., to Medipower Public Co. for $25 million. The center is anchored by ShopRite. JLL brokered the deal for the seller.