Berkadia announces it has arranged $4.75 million in acquisition financing for Sprouts Farmers Market, a 30,100-square-foot freestanding grocer offering organic food options. Senior Managing Director Cutt Ableson of Berkadia’s Houston office secured the loan on behalf of Nautica, LLC.
Mutual of Omaha Bank originated the 7-year, fixed rate loan at a competitive interest rate.
“The tenant offers the new owner an ability to hold this particular asset with favorable conditions that will see positive growth in the future and rental increases,” said Ableson. “Having a longtime presence in the community, the high-performing grocer is positioned in a centralized location that will continue seeing demand as McAllen’s population increases, along with the demand for storefront offerings.”
Built in 2016, Sprouts Farmers Market is located at 5800 N 10 Street.The 30,100-square-foot buildingis located on a 2-acre lot near densely populated areas of McAllen, with almost 250,000 residents living within a 5-mile radius of the property. As the only Sprouts Farmers Market found in the Rio Grande Valley, the store enjoys a competitive advantage in the growing city of McAllen, which saw a 10.5 percent rise in population from 2010-2017.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.