Northridge Shopping Center
The joint venture owners of a Publix-anchored shopping center in Oakland Park have closed on $170 million in financing.
Broward County records show WRI JT Northridge LP, which owns the Northridge Shopping Center, is the borrower. Jamestown owns 80 percent, while Weingarten Realty Investors, a publicly traded company, has the remaining 20 percent stake in the 18.5-acre retail property at 1003 East Commercial Boulevard.
The New York branch of German bank Landesbank Baden-Wurttemberg is the lender.
Other tenants of the 234,000-square-foot mall include Ross, Party City, Rainbow Apparel and Youfit Health Club. Publix has been a tenant of the shopping center since 1972.
According to Weingarten’s fourth quarter 2015 filing, Northridge had a 99.2 percent occupancy and an average base rent of $17.44 per square foot at the end of last year.
In its 2015 annual report, the real estate investment trust said it has 11 redevelopment projects that it plans to invest about $56.2 million in over the next two years. A spokesperson at Weingarten declined to comment on the mortgage, and Jamestown could not be reached for comment.
Source: The Real Deal