CBRE Capital Markets’ Debt & Structured Finance team arranged a $16 million construction loan for the development of a 53,185-square-foot retail center in West Kendall, Florida. CBRE’s Christian Lee, Amy Julian and José Lobón arranged the financing on behalf of Gertz Builders and Developers, Inc., a third generation, family owned and operated firm. Branch Banking and Trust Company provided the financing.
The Pointe at Kendall Town Center will consist of seven single-tenant buildings, ranging in size from 3,200 square feet to 7,200 square feet, and a multi-tenant building totaling 14,000 square feet. The property is exceptionally well located in the dense, family-oriented West Kendall community in Miami-Dade County, at the southwest corner of North Kendall Drive (Southwest 88th Street) and Southwest 162nd Avenue. The immediate trade area is currently experiencing transformational residential development with over 1,500 residential units added since 2014 within one mile of the property.
“The Kendall retail submarket is thriving with a 97 percent occupancy rate”, said Amy Julian, vice president, CBRE Debt & Structured Finance. “The Pointe at Kendall Town Center has completed remarkable pre-leasing and has a tremendous interest list for the project. With BB&T’s loan in place, the sponsor is excited to kick off this project and bring new restaurant and retail amenities to this thriving community.”
During more than 45 years of successful real estate development in the State of Florida, Gertz Builders and Developers, Inc. has completed numerous projects ranging from luxury homes and rental apartments to large retail and office properties. They have developed over 2 million square feet during this time. They are actively seeking retail development opportunities throughout South Florida.
About CBRE Group, Inc.
CBRE 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 and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
