Meridian Arranges $84M Acquisition Loan on Vacaville Power Center
(Updated with additional information)
Meridian Capital Group arranged $84 million in acquisition financing for Nut Tree Plaza, a lifestyle power center in Vacaville, on behalf of Tower Investments.
The 10-year interest-only loan was provided by Citigroup and Wells Fargo. The financing was arranged by Jason Kahn and Thomas Wayda of Meridian.
Located at 1661 E. Monte Vista Ave. in Vacaville, the 370,575-square-foot power center includes a total of 68 tenants. Major tenants include Best Buy, Nordstrom Rack, HomeGoods, Michael’s, PetSmart, Old Navy, Cost Plus, Five Below, Ulta, BevMo, and Kirklands.
Opened in 1921 as a modest roadside stop, Nut Tree has grown to become a renowned stop along the drive from Lake Tahoe to San Francisco.
“It was a pleasure to work with the deal teams at Citigroup and Wells Fargo, who both persevered through unprecedented geopolitical events and volatile interest rate market conditions to deliver our client a best-in-market execution,” said Kahn.
Jimmy Slusher, Philip D. Voorhees and James Tyrrell of CBRE’s National Retail Partners – West represented the seller, a partnership managed by Dallas-based Dunhill Partners, in the $124.5-million transaction. Tower Investments has retained Dunhill Partners to manage Nut Tree moving forward.
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).