Home / Business / CBRE Arranges $43m in Permanent Financing for 116,403-sq.-ft. Carlsbad Retail Center
Photo courtesy: CBRE

CBRE Arranges $43m in Permanent Financing for 116,403-sq.-ft. Carlsbad Retail Center

Carlsbad CA— CBRE Capital Markets’ Debt & Structured Finance team has arranged a $43,000,000 loan for the refinance of Bressi Ranch Village Center in Carlsbad, California.

Michael Riccio of CBRE’s Hartford office and Mark McGovern of CBRE’s San Diego office secured the aggressively priced long-term, fixed rate loan on behalf of Cornerstone Real Estate Advisers, LLC.

“We were very pleased to secure this attractive financing for our client—provided by a new lending source—which will allow our client the ability to execute their business plan and optimize their returns on this high-quality property”, said Mr. Riccio.

Photo courtesy: CBRE

Photo courtesy: CBRE

 

Completed in 2010, Bressi Ranch Village Center is a Class A, 116,403-square-foot grocery anchored retail center in San Diego County. Located at the southwest corner of Gateway Road and El Fuerte Street and just south of Palomar Airport Road, this core asset continues to be a highly sought after location for high-quality retail tenants and their clientele.

“Bressi Ranch Village is a very unique retail center in north county San Diego. It provides grocery and retail services in a pedestrian-friendly environment”, said Mr. McGovern.

Bressi Ranch Village Center features a variety of shops, services, restaurants and eateries, and is anchored by two grocery markets—Stater Bros. and Trader Joe’s. The property has strong historical occupancy and is currently 97 percent leased to 30 tenants with staggered lease terms.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue).  The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.  Please visit our website at www.cbre.com.