A retail property at Troy's City Center complex has secured $25 million in acquisition financing, following the announcement of an approximately $40 million sale of retail properties at the same development.
Marcus & Millichap Capital Corporation arranged the financing for a 62,364-square-foot property at 700 West Big Beaver Road, according to an Oct. 23 report by Connect CRE.
Todd Phillips, a managing director in the firm's Raleigh office, arranged the loan through a national bank. The financing carries a seven-year term, a 6.125% interest rate and a 30-year amortization schedule.
The property houses national restaurant and retail tenants near Interstate 75. It is part of the City Center mixed-use development, which includes a renovated 13-story office tower that Marcus & Millichap described as approximately 95% occupied.
Retail collection changes hands
The financing announcement followed a separate transaction involving retail properties at the same complex.
The Jonna Group at Colliers in Birmingham announced an approximately $40 million sale of the City Center Retail Collection, according to DBusiness' Oct. 20 report. The announcement did not identify the buyer.
The collection includes four standalone properties occupied by Fidelity Investments, Shake Shack, Yard House and Seasons 52.
Two shopping centers complete the portfolio, with tenants including Kura Revolving Sushi Bar, Condado Tacos, Pokeworks, Great Greek Mediterranean Grill, Hudson Café and Two Hands Fresh Corn Dogs.
The retail properties sit within a larger development that also includes the 286-unit Zen Apartments, an office tower with approximately 300,000 square feet of space and a parking structure accommodating more than 1,400 vehicles.
The Jonna Group handled the retail sale. Its founder and CEO, Simon Jonna, described the development's mix of stores, restaurants, offices and residences as central to the property's appeal.
Although the financing and sale announcements occurred three days apart and concern properties within the same complex, neither announcement explicitly establishes whether the $25 million loan financed the reported $40 million transaction.
Both deals involve commercial real estate along West Big Beaver Road near I-75, one of Troy's principal business corridors.
