Miami Shopping Center Lands $10M Refi

CBRE arranged the 20-year term loan for Bird Square Plaza, an 89,582-square-foot property anchored by Latin grocer Fresco y Más.
Bird Square Plaza, Miami

Su Investment Corp. has secured $10 million to refinance Bird Square Plaza, a Fresco y Más-anchored shopping center in Miami. CBRE’s Capital Markets Debt & Structured Finance practice arranged the non-recourse, 20-year term loan through a correspondent life insurance company. The loan includes a low interest rate and the ability to advance future funds at various times throughout the loan term.

Located at 14505 SW 42nd St., the 89,582-square-foot property was built in 1988. It was formerly anchored by Winn Dixie until last year, when it was converted to Fresco y Más, a Latin-themed grocer under the same parent company.

The CBRE team included Zac, Jim and Aaron Brumbaugh. The team has financed more than $9 billion of commercial real estate across retail, multifamily, office, hospitality and industrial properties.

“The so-called ‘grocer wars’ have made even financing of grocery-anchored centers difficult depending on the grocer. In this specific instance, I think that the Fresco y Más concept, although under Winn Dixie’s low-grade credit, does very well in submarkets where there is a high Latin American, Spanish speaking population, like many of the submarkets in Miami,” Zac Brumbaugh, vice president at CBRE, told Commercial Property Executive. “Additionally, strong growth markets in Florida like Miami, Tampa, and Orlando coupled with retail properties that have consistent track records of occupancy continue to defy any negative trends that we have been seeing with retail financing in our current market environment.”

Image courtesy of CBRE