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California  + Bay Area  + Retail  | 
Smart and Final

Financing Prevails Despite Retail-Hesitant Financial Environment

Permanent financing to the tune of $18.45 million was recently obtained for a 122,000-square-foot grocery-anchored shopping center in Sacramento. The center is anchored by a 32,000-square-foot Smart & Final, a 26,000-square-foot Ross Dress for Less and a 22,000-square-foot Planet Fitness.

Despite tenants demonstrating commitment to the space with an average lease term of 15 years and consistent renewals, capital markets remain cautious about financing retail and were specifically concerned with COVID-19 rent deferrals and closures. Furthermore, capital providers expressed uncertainty as to how retail centers would be impacted in the long run and the ramifications of the future post-pandemic retail environment.

George Smith Partners placed the financing. The firm was able to ensure competitive pricing and proceeds based on having a best-in-class sponsor and diverse anchors, despite the retail-hesitant financial environment. The George Smith advisers included Gary E. Mozer, Robert Horton, Dorian Aftalion, Tommy Adelson and Ben Shofet.

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Gary Mozer

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Financing
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