CBRE Arranges $43 M Refi for Carlsabad Retail Property

CARLSBAD, CA— CBRE Capital Markets ‘ Debt & Structured Finance team has arranged a $43 million loan for the refinance of Bressi Ranch Village Center , a grocery-anchored retail center.

Completed in 2010, Bressi Ranch Village is a 116,403-square-foot center located just south of Palomar Airport Road.

Michael Riccio of CBRE’s Hartford office and Mark McGovern of CBRE’s San Diego office secured the aggressively priced long-term, fixed rate loan on behalf of Cornerstone Real Estate Advisers, LLC. “We were very pleased to secure this attractive financing for our client—provided by a new lending source—which will allow our client the ability to execute their business plan and optimize their returns on this high-quality property,” said Riccio. Completed in 2010, Bressi Ranch Village Center is a class A, 116,403-square-foot center located at the southwest corner of Gateway Road and El Fuerte Street and just south of Palomar Airport Road . CBRE says it is a highly sought-after location for high-quality retail tenants and their clientele. “Bressi Ranch Village is a very unique retail center in north county San Diego. It provides grocery and retail services in a pedestrian-friendly environment”, said McGovern. Bressi Ranch Village Center features a variety of shops, services, restaurants and eateries, and is anchored by two grocery markets— Stater Bros. and Trader Joe’s . The property has strong historical occupancy and is currently 97% leased to 30 tenants with staggered lease terms. CBRE Group is a Fortune 500 and S&P 500 company headquartered in Los Angeles. The company has more than 70,000 employees, and serves real estate owners, investors and occupiers through more than 400 offices worldwide.