By Timea Papp
CBRE Capital Markets’ Debt & Structured Finance team secured a $16 million construction loan for the development of a 53,185-square-foot retail center in West Kendall, Fla., dubbed The Pointe at Kendall Town Center.
Vice Chairman Christian Lee, Vice President Amy Julian and Senior Vice President José Lobón worked on behalf of the developer to arrange the financing. Gertz Builders and Developers Inc. is a third generation, family-owned and operated firm. Branch Banking and Trust Co. provided the financing.
The Pointe at Kendall Town Center will consist of seven single-tenant buildings, ranging from 3,200 to 7,200 square feet, and a multi-tenant building totaling 14,000 square feet.
“The Kendall retail submarket is thriving with a 97 percent occupancy rate,” said Julian in a prepared statement. “The Pointe at Kendall Town Center has completed remarkable pre-leasing and has a tremendous interest list for the project. With BB&T’s loan in place, the sponsor is excited to kick off this project and bring new restaurant and retail amenities to this thriving community.”
The property is in the dense, family-oriented West Kendall community in Miami-Dade County. It is located at the southwest corner of North Kendall Drive (S.W. 88th St.) and S.E. 162nd Ave. The immediate area is currently under residential development with more than 1,500 units added since 2014 within 1 mile of the property.
CBRE previously worked with Gertz Builders and Developers on the sale of Southern Palm Crossing Retail Center in Royal Palm Beach, Fla.
Rendering courtesy of Gertz Builders and Developers Inc.