{"id":1004685819,"date":"2023-10-16T04:13:05","date_gmt":"2023-10-16T12:13:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004685819"},"modified":"2023-10-16T10:36:21","modified_gmt":"2023-10-16T18:36:21","slug":"3650-reit-provides-72m-retail-acquisition-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/3650-reit-provides-72m-retail-acquisition-loan\/","title":{"rendered":"3650 REIT Provides $72M Retail Acquisition Loan"},"content":{"rendered":"
\"Cane<\/a>

Cane Cos. Management purchased Creekside Town Center in Roseville, Calif. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

3650 REIT<\/strong>, of Miami, has originated a $71.5 million loan for the acquisition by Cane Cos. Management<\/strong> of Creekside Town Center, a 10-building retail power center in Roseville, Calif., in metro Sacramento, Calif. AEW Capital Management<\/strong> was the property\u2019s seller, according to CommercialEdge data.<\/p>\n

The center is at 1180-1256 Galleria Blvd., at Galleria Boulevard and Highway 65, and is 95.6 percent occupied. Creekside Town Center was completed in 2001, and initial tenants included Best Buy, Barnes & Noble, Old Navy, Michaels, Marshalls and Nordstrom Rack.<\/p>\n

Currently, the 38.8-acre property has 30 retail tenants, including additional anchors Burlington and Bob\u2019s Discount Furniture. 3650 noted that 20 of Creekside\u2019s current tenants have occupied the property for more than 20 years.<\/p>\n

\n

READ ALSO<\/strong>: Navigating the Retail Financing Landscape<\/a><\/p>\n

\n

Creekside Town Center is sited within a regional shopping node, directly across the street from the main entrance to the Westfield Galleria at Roseville, one of the Sacramento region\u2019s most prominent malls.<\/p>\n

The 10-year loan was originated from 3650\u2019s Stable Cash Flow lending platform.<\/p>\n

3650, based in San Jose, Calif., stated that Cane Cos. Management specializes in long-term investments, \u201cwith many of its portfolio assets owned for 40-plus years.\u201d Cane Cos. Management could not be reached for comment.<\/p>\n

The loan was arranged by Palmer Capital<\/strong> Inc.<\/p>\n

Big-box problems<\/h2>\n

Last November, Gantry<\/strong> arranged the $23 million refinancing<\/a> of Vacaville Commons, a 400,000-square-foot retail power center in Vacaville., Calif., in Solano County, for sponsor The Rodde Co. The center is fully occupied and anchored by Target and Burlington.<\/p>\n

The Sacramento metro retail space market is afflicted by an overall vacancy that has risen by 70 basis points year-over-year, putting the region\u2019s vacancy above the other seven major California markets, according to a second-quarter report from Marcus & Millichap<\/strong>.<\/p>\n

Worse, from the standpoint of power centers, the report notes, \u201cBig-box moveouts are plaguing fundamentals, with sizable plots of space saturating the market. Bed Bath & Beyond closed several local sites recently, including spots in Elk Grove, Folsom and Natomas.\u201d In addition, troubled discount retailer Tuesday Morning has shuttered three Sacramento-area stores in consequence of its latest bankruptcy.<\/p>\n

Marcus & Millichap commented, \u201cLarger plots may stay on the market for longer, although experiential and discount retailers have been absorbing some of these sites.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The financing supports Cane Cos. Management\u2019s acquisition of a suburban Sacramento power center.<\/p>\n","protected":false},"author":882,"featured_media":1004685862,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21783,21742,21749,15],"tags":[44420,33758,52208,34836],"class_list":["post-1004685819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-investment","category-latest","category-retail","category-west","tag-3650-reit","tag-aew-capital-management","tag-cane-cos-management","tag-marcus-millichap"],"acf":[],"yoast_head":"\n3650 REIT Provides $72M Retail Acquisition Loan - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"3650 REIT has originated a $71.5 million loan for the acquisition by Cane Cos. 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