BELLEVUE, WA-Columbia Retail Group, based here, has gained a $20.1 million loan for three new Walgreens locations. Two of the properties are in Anchorage, AK, and one is in Moscow.
The company specializes in net-lease, retail and mixed-use products such as Walgreens, Staples and Bank of America throughout the West Coast. Columbia recent completed these properties.
New York City-based Joseph Merrill Capital arranged the permanent financing, with a fixed interest rate of 4.72% for 20 years. The company acts as a conduit to more than 300 life insurance, pension fund, commercial and regional lenders. Robert Ames, a managing principal, tells GlobeSt.com that Walgreens is one of the best securers of financing today because of its top credit. “We’re working on another Walgreens placement right now, and we’re getting a lot of interest,” he says.
Good credit deals are more likely to get done than those in low tenancy, of course, he says, but he says he’s also seen CMBS lending slow down. “CMBS had to widen out spreads, and now investors are very selective to which ones they’re funding,” Ames says. “You add to it the Europe debt crisis and the total market health, plus the Standard & Poor issue in June. However, life companies and other institutions have their capital out and are looking for safe assets, and Walgreens is one of the top out there.”
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