PHARR, TX—Of course, without location, location, location, a retail property is not a viable prospect for consumers, which translates into lack of tenants and potential investors. One prime example of a highly visible and accessible retail center has recorded high sales volumes due to its mix of national tenants drawing shoppers.
Pharr Town Center is that center. Its impressive track record resulted in Goldman Sachs recently providing $78 million in bridge financing which will be used to refinance an existing construction loan for the 466,950-square-foot retail center.
JLL's capital markets experts secured financing for the loan. Executive managing directors Tom Melody and Tom Fish, managing director Jimmy Board and associate Jarrod McCabe led the JLL team on the financing on behalf of Levcor Inc.
“Capital continues to be available for well-located shopping centers with high-performing, national credit tenants,” said Board. “The institutional activity on this deal speaks to the quality of the asset, the continued drive to brick and mortar retail, and the sponsorship.”
Pharr Town Center is highly visible in its location directly off Highway 83 and North Jackson Road, the main thoroughfare in Pharr and offers shoppers easy access to the dense retail corridor. The shopping center includes anchor tenants Ross Dress for Less, TJ Maxx, Bealls, Cost Plus World Market, Buy Buy Baby, Cinemark, Main Event Entertainment, Academy Sports + Outdoors, Sears Appliance, Crunch Fitness, Joann's, Luby's and Mercer Emergency Clinic.
“The property has enjoyed high sales volumes thanks to its mix of national tenants, ease of access and visibility,” Board tells GlobeSt.com. “The entertainment, restaurant and necessity retail offerings of the shopping center have attracted notable cross-border traffic in addition to a high volume of shoppers from the growing surrounding community.”
In 2016 alone, the JLL capital markets team of 2,000 specialists completed $136 billion in investment sale, debt and equity transactions around the world.
PHARR, TX—Of course, without location, location, location, a retail property is not a viable prospect for consumers, which translates into lack of tenants and potential investors. One prime example of a highly visible and accessible retail center has recorded high sales volumes due to its mix of national tenants drawing shoppers.
Pharr Town Center is that center. Its impressive track record resulted in
JLL's capital markets experts secured financing for the loan. Executive managing directors Tom Melody and Tom Fish, managing director Jimmy Board and associate Jarrod McCabe led the JLL team on the financing on behalf of Levcor Inc.
“Capital continues to be available for well-located shopping centers with high-performing, national credit tenants,” said Board. “The institutional activity on this deal speaks to the quality of the asset, the continued drive to brick and mortar retail, and the sponsorship.”
Pharr Town Center is highly visible in its location directly off Highway 83 and North Jackson Road, the main thoroughfare in Pharr and offers shoppers easy access to the dense retail corridor. The shopping center includes anchor tenants
“The property has enjoyed high sales volumes thanks to its mix of national tenants, ease of access and visibility,” Board tells GlobeSt.com. “The entertainment, restaurant and necessity retail offerings of the shopping center have attracted notable cross-border traffic in addition to a high volume of shoppers from the growing surrounding community.”
In 2016 alone, the JLL capital markets team of 2,000 specialists completed $136 billion in investment sale, debt and equity transactions around the world.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
