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Grocery-Anchored Bayside Center Secures $150M Financing

JLL Capital Markets has arranged $150 million in financing for Bay Terrace Shopping Center, a premier grocery-anchored shopping center located in the Bayside neighborhood of Queens. JLL worked on behalf of the borrower, Cord Meyer Development, to secure the loan through New York Life Real Estate Investors.

Bay Terrace is a 326,445-square-foot retail destination situated at the intersection of 26th Avenue and
Bell Boulevard. The property is currently approximately 90% leased and anchored by Stop & Shop, with a mix of national and investment-grade tenants including HomeGoods, AMC Theatres, Bank of America, JPMorgan Chase, Sephora and LA Fitness.

Originally developed in the 1960s, the center has long served as a dominant retail hub in Northeast Queens. Cord Meyer has recently invested significant capital to enhance the asset, including façade upgrades, new signage, improved pedestrian circulation and a “Restaurant Row,” with additional improvements planned.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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