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JLL Facilitates $74M for Costco Shadow-Anchored Retail Center in Charlottesville
JLL has secured a $74.478 million refinancing for Shops at Stonefield, a Trader Joe’s-anchored and Costco shadow-anchored retail destination in Charlottesville, Virginia.
JLL worked on behalf of the borrower, O’Connor Capital Partners, in arranging a three-year loan through FS Credit REIT. The property sits just two miles north of the University of Virginia and benefits from excellent visibility in one of Virginia’s most desirable markets.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Brian Gaswirth, Senior Director Evan Parker and Associates Gus Caiola and Jude Carlon.
The 267,294-square-foot retail center is 92% occupied and 98% leased with a diverse tenant mix of high-end shopping, dining and entertainment retailers, including L.L. Bean, Lululemon, Sephora and a 14-screen Regal Cinema with the only IMAX theater in Charlottesville.
Shops at Stonefield is part of a 43.5-acre master-planned community that includes a 137-room hotel, a 455,000-square-foot facility occupied by Northrop Grumman and three residential properties.
