{"id":1004700250,"date":"2024-01-31T05:51:09","date_gmt":"2024-01-31T13:51:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004700250"},"modified":"2024-01-31T05:51:11","modified_gmt":"2024-01-31T13:51:11","slug":"san-jose-shopping-center-gets-21m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-jose-shopping-center-gets-21m-refi\/","title":{"rendered":"San Jose Shopping Center Gets $21M Refi"},"content":{"rendered":"\n

Brothers International Holding Corp<\/strong>. has obtained a $20.5 million loan for the refinancing of Almaden Safeway Center, a 143,452-square-foot grocery-anchored shopping center<\/a> in San Jose, Calif.<\/p>\n\n\n

\n
\"Almaden\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Almaden Safeway Center comprises two buildings on 12 acres.
Image courtesy of JLL Capital Markets<\/em><\/figcaption><\/figure><\/div>\n\n\n

JLL Capital Markets<\/strong> arranged the ten-year, fixed-rate loan through RGA Reinsurance Co<\/strong>. Senior Managing Director Bruce Ganong, Director Lillian Roos and Associate Matthew Mingrone worked on behalf of the borrower. At the time of the sale, the retail center was 100 percent leased.<\/p>\n\n\n\n

The 10 tenants at Almaden Safeway Center make up 95 percent of the GLA and have a weighted average lease term of 7.2 years. Anchored by Safeway, the center also includes retailers such as JoAnn\u2019s Fabrics, McDonald\u2019s, T-Mobile and Savers.<\/p>\n\n\n\n

Located at 4950 Almaden Expressway within the South San Jose submarket, the retail center in close to Interstate 85, which allows direct access to downtown San Jose, Campbell and Los Gatos. The two-building property serves approximately 500,000 individuals within a five-mile radius, while the average household income within a 3-mile area is $161,000, according to JLL.<\/p>\n\n\n\n

The retail vacancy in San Jose ended a five-year climb in 2023, due to increasing tenant demand in the metro\u2019s largest submarket by inventory, South San Jose. According to a Marcus & Millichap<\/strong> report based on data through the first nine months of 2023, retail properties changed hands most frequently across this submarket, consistent with previous years.<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL Capital Markets arranged the ten-year, fixed-rate loan.<\/p>\n","protected":false},"author":3014,"featured_media":1004700253,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,36079,15],"tags":[32796,34103],"class_list":["post-1004700250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-san-jose","category-west","tag-jll","tag-safeway-inc"],"acf":[],"yoast_head":"\nSan Jose Shopping Center Gets $21M Refi - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Brothers International received a $20.5 million loan for the refinancing of a 143,452-square-foot retail center in San Jose, Calif.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/san-jose-shopping-center-gets-21m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Jose Shopping Center Gets $21M Refi\" \/>\n<meta property=\"og:description\" content=\"Brothers International received a $20.5 million loan for the refinancing of a 143,452-square-foot retail center in San Jose, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/san-jose-shopping-center-gets-21m-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-31T13:51:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-31T13:51:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/almaden-safeway-teaser.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-jose-shopping-center-gets-21m-refi\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/san-jose-shopping-center-gets-21m-refi\/\",\"name\":\"San Jose Shopping Center Gets $21M Refi - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-jose-shopping-center-gets-21m-refi\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-jose-shopping-center-gets-21m-refi\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/almaden-safeway-teaser.png\",\"datePublished\":\"2024-01-31T13:51:09+00:00\",\"dateModified\":\"2024-01-31T13:51:11+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"Brothers International received a $20.5 million loan for the refinancing of a 143,452-square-foot retail center in San Jose, Calif.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-jose-shopping-center-gets-21m-refi\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/san-jose-shopping-center-gets-21m-refi\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-jose-shopping-center-gets-21m-refi\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/almaden-safeway-teaser.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/almaden-safeway-teaser.png\",\"width\":800,\"height\":600,\"caption\":\"Almaden Safeway Center came online in 1980, comprising two buildings spread across a 11.6-acre site. 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