CB Richard Ellis Capital markets Arranges Financing for Aviation Plaza in Linden
By Mel Fabrikant Monday, September 08, 2008, 12:38 PM EDT
James Gunning and Donna Falzarano of CB Richard Ellis Debt & Equity Finance procured the financing with Principal Real Estate Investors on behalf of Millbrook Properties for Aviation Plaza, a 445,208-square-foot retail Power Center located at US Route 1&9 and Stiles Street in Linden, New Jersey.
“We delivered the most competitive terms available,” stated Gunning. “The lender provided flawless execution which is essential for a 1031 exchange and borrower received some interest only and a sub 6% coupon.”
The team provided Millbrook properties with permanent financing for $60 million dollars at an interest rate of 5.96%.
Situated on Route 1&9, Aviation Plaza is a retail power center consisting of nine freestanding buildings. The center was built in 2002 and expanded between 2005 and 2007. The property is situated on a triangular shaped site and anchored by Target, Shoprite, Marshalls, Staples, AC Moore and AMC Theater, which consists of 445,208 square feet on over 62 acres. This site is composed of land that was formerly the Linden Airport and is in an ideal location due to its easy access to Interstate 287 and Route 95.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2007 revenue). With over 29,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis is the only commercial real estate services company named one of the 50 “best in class” companies by BusinessWeek, and was also named one of the 100 fastest growing companies by Fortune. Please visit our Web site at www.cbre.com..
“We delivered the most competitive terms available,” stated Gunning. “The lender provided flawless execution which is essential for a 1031 exchange and borrower received some interest only and a sub 6% coupon.”
The team provided Millbrook properties with permanent financing for $60 million dollars at an interest rate of 5.96%.
Situated on Route 1&9, Aviation Plaza is a retail power center consisting of nine freestanding buildings. The center was built in 2002 and expanded between 2005 and 2007. The property is situated on a triangular shaped site and anchored by Target, Shoprite, Marshalls, Staples, AC Moore and AMC Theater, which consists of 445,208 square feet on over 62 acres. This site is composed of land that was formerly the Linden Airport and is in an ideal location due to its easy access to Interstate 287 and Route 95.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2007 revenue). With over 29,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis is the only commercial real estate services company named one of the 50 “best in class” companies by BusinessWeek, and was also named one of the 100 fastest growing companies by Fortune. Please visit our Web site at www.cbre.com..
