The Village at Cumberland Park has 14 buildings leased to tenants including Bed Bath & Beyond.
TYLER, TX—The Village at Cumberland Park, a 649,636-square-foot class-A regional retail mega-center, recently received refinancing to the tune of $105 million. The Holliday Fenoglio Fowler LP team worked on behalf of the borrower, a partnership led by The Retail Connection, to place the 36-month floating-rate loan with Bank of America.
The center comprises 14 buildings leased to prominent tenants, including Bed Bath & Beyond, Cost Plus World Market, Nike, Bath & Body Works, Burlington, Studio Movie Grill, TJMaxx, H&M and Old Navy. Construction began in 2014 with one small phase left to be completed this year, taking the center to more than 700,000 square feet and making it one of the largest retail shopping centers in North Texas.
Situated at the intersection of Broadway Avenue and the new TX-Loop 49 toll road, the center is positioned in the middle of the East Texas trade area, surrounded by the growing Tyler market. Tyler, one of the most sought-after secondary markets in Texas, is between Dallas and Shreveport, located 97 miles from each. Serving its role as the central focal point of East Texas, Tyler's daytime trade area population is estimated at more than 678,000 people.
The HFF debt placement team representing the borrower consisted of senior director Jim Curtin. HFF worked in conjunction with Joseph Monteleone, a principal of Q10 | Triad Capital Advisors.
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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.
