By Mihaela Coste
The Real Estate Finance business of CIT Group Inc. recently provided a $46 million senior secured credit facility to Menin Development for the refinancing of PGA Plaza Shopping Center, a Class A, 120,000-square-foot retail asset located in Palm Beach Gardens, Fla.
In November 2013, CIT provided $26 million in financing to a joint venture headed by Menin Development for the renovation of the asset and in May 2015 a permanent financing upon the completion of the renovation in the amount of $41 million.
The first financing was used for substantial improvements to the property, including a brand new face-lift with modern neutral tones, brick paved walkways, awnings, amenities, updated landscaping, signage and parking lot, as well as the creation of an additional 5,646 square feet of retail space. After the renovations, Trader Joe’s and ULTA Beauty joined with Marshalls as anchor tenants.
PGA Plaza Shopping Center is located at 2550 PGA Blvd., at the intersection of PGA Boulevard and Property Farms Road, in close proximity to U.S. Route 1 and State Route 811. Built in the 1970’s, the single-story asset was acquired by PGA Plaza LLC, a Menin affiliate, in 2003.
“We have been able to successfully transform PGA Plaza into the premier open-air retail and lifestyle center in Palm Beach Gardens. The re-tenanting brought many new retailers, food operators and service providers, and the re-designed landscaping dramatically improved the center’s traffic circulation, appeal, and visibility from PGA Boulevard. The fact that the property is constantly full and the parking lots always filled is testament to this success,” said Craig Menin, founder of Menin Development, in a prepared statement.
Menin Development is the owner and developer of more than $1 billion of prime retail properties throughout South Florida and the West Coast and has a current portfolio of high-quality community- and grocery-anchored centers and single-tenant retail buildings, as well as another 2.1 million square feet under development.
Images courtesy of Menin Development