FORT WORTH— Thackeray Partners secured financing to purchase retail power center, Ridge Rock Plaza, in Fort Worth, Texas. CBRE's Debt & Structured Finance group arranged acquisition financing on behalf of Thackeray Partners to obtain an $11 million non-recourse loan.

The eight-year loan has a fixed rate for five years and will then float over Libor for the remainder of the term.

Ridge Rock Plaza is located on Overton Ridge Blvd. in southwest Ft. Worth. The property is situated in a retail hub anchored by Hulen Mall near one of Fort Worth's premier residential areas. There is currently no big box space available in the three million square feet in the immediate area said CBRE.

The 114,495-square-foot retail power center is currently 100% occupied by Bed Bath & Beyond, Michaels, Pier1 Imports, Chair King, Sun & Ski Sports, Freebirds and Sleep Experts.

“Strong sponsorship, excellent tenancy, and outstanding trade area demographics are all reasons that Ridge Rock Plaza garnered a lot of interest from the lending community and we were able to secure attractive financing for the borrower,” said Matt Ballard vice president with CBRE.

CBRE notes healthy retail absorption of three million square feet in 2013 with the strongest growth seen at the tail end of the year for the Dallas/Ft. Worth area. Occupancy in Ft. Worth lags slightly behind the more robust Dallas markets but according to a quarter report occupancy in Ft. Worth is 91.8% which is higher than the average Dallas occupancy of 91.6%.

The loan was arranged by Scott Lewis, Matt Ballard and Patrick Benoist of CBRE's Dallas Debt & Structured Finance group.  Chris Cozby, Chris Gerard and Kevin Holland of CBRE's National Retail Investment Group represented the seller.