SAN DIEGO-The Shamrock Group LLC, a locally based firm, has secured a $23.5-million non-recourse, five-year, floating-rate loan with the lender, Prime Finance. The loan will go towards the financing for the Plaza at the Border, a 98,000-square-foot retail center along the U.S./Mexico border in San Ysidro, CA.
The loan is interest only with extension options and proceeds are replacing a construction loan and paying for tenant improvement and leasing costs, among other costs. HFF worked exclusively on behalf of Shamrock.
Completed in 2012, the Plaza at the Border is 79% leased to tenants including TJ Maxx, Ross Dress for Less, Vitamin Shoppe, Fashion Q and Ulta. The property is located at 3951-3975 Camino De La Plaza adjacent to the Las Americas Premium Outlets and the Outlets at the Border, south of San Diego along the U.S./Mexico border in San Ysidro.
The HFF team representing the Shamrock Group was led by managing director Aldon Cole, senior managing director Tim Wright and senior real estate analyst Husayn Hasan.
Although GlobeSt.com could not obtain further information on the deal, we did chat with Southern California retail market expert Kyle Matthews, a SVP of capital markets at Colliers International, who says that “The South San Diego County retail market is still very strong.”
According to Matthews, “In 4Q 2012 net absorption was positive, vacancy rates remained in the low 5% range, and the property values in the investment sales arena have continued to climb due to the historically low debt environment. Due to a constrained supply and a overall lack of new construction, strong tenant driven demand for retail space will continue, and properties brought to market for sale will be aggressively bid on.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
