Dealmaker: Northmarq Arranges $21M for North Carolina Retail Center
Northmarq’s St. Louis, Mo., office arranged $21 million in acquisition financing for Bradford Square retail center in Cary, N.C.
David Garfinkel, Senior Vice President and Managing Director of Northmarq’s St. Louis office, secured the financing for Bradford Square, a Class A grocery-anchored neighborhood center in the Raleigh suburb.
The 78,628-square-foot property at 1020 Bradford Plaza Way was fully leased at the time of the sale, including its anchor tenant, a 49,000-square-foot Publix grocery store. Northmarq arranged the permanent-fixed loan for St. Louis-based National Real Estate Management through its relationship with a life insurance company.
“This is a high-performing grocery-anchored retail center in a sought-after submarket,” Garfinkel said. “Publix was the original tenant and has a long-term lease with a lot of remaining term. The grocer has strong store sales and is a significant traffic generator for the center.” He noted shopping centers anchored by quality grocery stores are very attractive to both investors and lenders.
Publix, Lakeland, Fla., is expanding rapidly into the North Carolina market. Other Bradford Square tenants include Cary Salon, Night and Day Dental, First Watch restaurant and Brixx Wood-Fired Pizza.