Bethesda, Md. (August 2017) – Eastern Union Funding recently arranged a $3.3 million loan for a shopping center in Virginia purchased at auction. The transaction caps more than $50 million in retail acquisitions and refinances in the Southeast in recent months for the firm's Mid-Atlantic group.
Hupps Mill Plaza in South Boston, Va., was up for sale in an online auction through CW Capital. Built in 1972, the 17.32-acre retail plaza was assessed at $7.1 million and was 76.46 percent occupied at the time of purchase, with Belk, Goody’s and Shoppers Value Foods as anchors. Other tenants include Sherwin Williams, Advance Auto, Family Dollar and the Commonwealth of Virginia. The majority of the existing tenancy has leased space for 15 years or more.
“This transaction closed with a balance sheet lender in 30 days, and highlights the brisk activity that we are experiencing for sourcing acquisition and refinancing loans for retail properties across the MidAtlantic and Southeast,” says Marc Tropp, senior managing director with Eastern Union, who leads the Mid-Atlantic office. "I don’t see the pace slowing down.”
Tropp’s team also recently arranged a $10.5 million acquisition loan on behalf of Pratt Street Capital for the 92,000-square-foot Hilltop Square Shopping Center in Virginia Beach. The property was 92 percent leased at the time. In another transaction, the group arranged a $2.45 million loan for the Ranson Shoppes, a 16,300-square-foot, 100-percent leased property in West Virginia. Tropp also sourced the acquisition loan for the $29.25-million purchase of the Market at Opitz Crossing in Woodbridge, Virginia.
