DEPTFORD, NJ–The Dallas office of Holliday Fenoglio Fowler LP has arranged $34.02 million in financing on the Deptford Landing power center here on behalf of Arrow Retail. The 10-year fixed rate loan was secured through Bank of America/Merrill Lynch.
Tenants at the 490,910-square-foot Deptford Landing include Wal-Mart, Sam’s Wholesale Club, PetSmart, hhgregg, Michaels, Jared Jewelers, T-Mobile and Five Guys Burger & Fries. Completed in 2007, at 2000 Clements Bridge Rd., adjacent to New Jersey’s North-South Freeway, the center is 97% leased. It was formerly owned by AIG Baker.
In a separate deal, HFF also has arranged a $25-million, 10-year fixed-rate loan for Arrow Retail’s Eastgate Shopping Center in Memphis. The 356,020-square-foot center is anchored by Burlington Coat Factory, Stein Mart, Walgreens, TJ Maxx, Michael’s and Fresh Market.
Eastgate also includes 89,887 square feet of office space, leased primarily to Peabody Hotel Group. Headquartered in Dallas, Arrow specializes in buying retail properties that need to be recapitalized or repositioned.
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