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CBRE Arranges Refi Loan on Stockton Power Center
CBRE secured an approximately $50-million refinancing loan for Park West Place, a 554,438-square-foot retail power center located in Stockton. The loan was arranged on behalf of Raider Hill Advisors and Farallon Capital Management, LLC, with financing provided by a national bank. The Debt & Structured Finance team of Richard Henry, Mike Ryan, Brian Linnihan and Shaun Moothart represented the sponsorship.
“Park West Place is a best-in-class retail asset with strong fundamentals and a highly diversified rent roll,” said Henry. “The sponsorship has done an exceptional job executing their business plan and driving revenue growth.”
Built in 2008 and situated on approximately 58.6 acres, Park West Place is 96.4% leased to 46 tenants, including national anchors Lowe’s, Kohl’s, Sportsman’s Warehouse, Ross Dress for Less, and TJ Maxx, with over 40% of the net rentable area leased to investment-grade tenants. The property is located within the Central Stockton retail submarket, which has maintained sub-5% vacancy for more than a decade.
- ◦Financing
