NorthMarq Secures Financing for St. Louis Mixed-Use Buy
- Aug 09, 2019
NorthMarq has closed on $3 million in financing for the acquisition of Wildwood Plaza, a 17,490-square-foot mixed-use property in metro St. Louis. The team of Senior Vice President Jeff Chaney and Vice President Dan Baker worked on behalf of the borrower and procured the loan through StanCorp Financial Group.
The 10-year mortgage carries a 25-year amortization term. According to public records, the seller was Phoenix-based Arciterra, while the buyer is associated with an entity called Chez IX Wildwood Plaza LLC.
Located at 151 and 179 Plaza Drive in Wildwood, the building was completed in 2007 on a 1-acre site. The asset is part of a planned development that comprises a new City Hall, The Wildwood Hotel, Dierbergs Supermarket, B&B Movie Theater, Walgreens, Starbucks and several other retailers, as well as office buildings.
The property is fully leased to two tenants—SourceHOV occupies the entire office component, while PNC Financial Services Group leases the ground-floor retail section. SourceHOV, a business solutions and data analytics provider, recently renewed its lease through 2029 and PNC signed on until 2027.
Wildwood Town Center is situated at the northeast corner of Fountain Place and Plaza Drive, along Manchester Road, some 30 miles west of downtown St. Louis. The submarket is considered one of the most affluent areas in the metro.
Earlier this summer, NorthMarq arranged a 10-year term refinancing for a single-tenant industrial property in Fairfield, Calif. The building is leased to Amcor Rigid Plastics.
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