Gantry Closes $23M Northern California Retail Center Refi

Vacaville Commons. Image courtesy of Gantry

Gantry has arranged the $23 million refinancing of Vacaville Commons, a 400,000-square-foot power retail center in Vacaville, Calif.

The property was completed in 1992, on a 10-acre site, and offers shopping and dining options, as well as service providers.

Gantry’s Principal Tom Dao and Senior Associate Erinn Cooke secured the fixed-rate loan—provided by one of the firm’s correspondent lenders—on behalf of the borrower, identified by CommercialEdge as The Rodde Co. The 10-year, interest-only loan will be amortized over a 30-year schedule, carrying a 4 percent rate.

The fully occupied center is anchored by Target and Burlington. Other tenants include Safeway, Ross, Big 5, Chase Bank, Chick-fil-A and Chili’s.

Located at 2098 Harbison Drive, the shopping center is adjacent to the Interstate 80 corridor communities, between the Bay Area and Sacramento, Calif. Vacaville Commons is exposed to more than 5,000 vehicles per day.

Change plays an important role in retail financing, as these properties require a great attention to detail, from tenant mix to occupancy costs, rents, lease terms, co-tenancy and termination rights. According to Tom Dao, retail centers have shown resilience throughout and post COVID, demonstrating strong fundamentals.

Last month, another Gantry team secured $61 million in permanent financing for the acquisition of Cedar Hills Crossing, a 477,000-square-foot retail center in Beaverton, Ore. The Gantry team that negotiated the deal included Principal Blake Hering and Associate Heather Kegler.