Uber Capital Group Finances Nebraska Retail Asset
- Nov 23, 2017
Uber Capital Group LLC has secured a $7 million loan for the acquisition of Conestoga Mall, a 611,719-square-foot enclosed retail center located in Grand Island, Neb. The company obtained the five-year term, permanent loan from a regional lending institution for a private commercial real estate investment group. A national investor was the seller and a private commercial real estate investment group, the buyer.
Located at 6404 W. 13th St., on approximately 57 acres, Conestoga Mall is situated in the main retail hub on U.S. Highway 281, known as the Merchandise Mile. The retail center is the biggest mall between Lincoln, Neb., and Denver. Built in 1974 by Ericson Development of Edina, Minn., and then expanded in 1979 and 1980, the property includes more than 60 tenants, including Best Buy, Dillard’s, JC Penny, AMC Theatre and others.
Back in June, J. Herzog & Sons sold the asset to Namdar Realty Group, according to TheIndenpendent. J. Herzog & Sons acquired the mall in 2002 from Richard E. Jacobs of Cleveland. One of the latest Denver retail transactions was the sale of Brookhill Towne Center, a nearly 100,000-square-foot, value-add retail center in Westminster, Colo.
“We frequently work with individual investors and boutique ownership firms, who lack sufficient experience and national reach to obtain debt financing from varied sources,” Joel Gorjian, president & founder of Uber Capital Group, said in a statement. “There is a strong need, particularly in the secondary and tertiary markets, for a financial advisor with extensive national ownership and investment experience. We provide this level of industry know-how.”
Image courtesy of Uber Capital Group LLC