SAN JOSE, CA-Colliers International has arranged $10 million in acquisition financing for a 69,780 square-foot retail building here that will be anchored by Wal-Mart Neighborhood Market and GolfSmith.
The center is 100% leased. Colliers Mortgage Brokers, Bob Kincheloe and Mandy Pakes worked on behalf of the borrower, a South Bay family fund, to secure long term-financing with a regional bank for the acquisition of the property. The financing is a non-recourse loan with 30-year amortization and a 10-year fixed rate term.
The building at 4070 – 4080 Stevens Creek is located in one of the busiest and most desirable retail areas in the South Bay, close to Santana Row and the Valley Fair Mall. The retail center was constructed in 1973 and Circuit City previously occupied the space. Today, Wal-Mart sees the formerly vacant space as an excellent opportunity to open a Neighborhood Market grocery store. The Wal-Mart Neighborhood Market will open in the Spring of 2014, joining long-term tenant, GolfSmith.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
