Dewberry, a former Georgia Tech university quarterback and his brother Douglas founded Dewberry Capital Corp. in 1989. Their $25 million redevelopment of the enclosed property and an adjacent Publix Supermarkets tract began in January 1997.
They converted the properties into a single, open-air center. The anchors at the 96.8%-leased, 40-tenant center are Publix, Belk's and Stein Mart. The quoted average rent range is $18 per sf to $20 per sf. New space is $20 per sf.
ICap Realty Advisors of Atlanta arranged the loan through Atlanta-based Column Financial Inc. The loan has an 80% to value leverage; a 7% interest rate; and a 30-year amortization schedule.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
