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4/22/16
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Cornerstone Real Estate Advisers LLC has obtained a $43 mil refi loan for Bressi Ranch Village Center, a Class A, 116.4k sf grocery-anchored retail center in Carlsbad.
Completed in 2010, Bressi Ranch Village Center is located at the southwest corner of Gateway Rd and El Fuerte St, just south of Palomar Airport Rd. This core asset continues to be a highly sought after location for high-quality retail tenants and their clientele.
Bressi Ranch Village Center features a variety of shops, services, restaurants and eateries, and is anchored by two grocery markets—Stater Bros. and Trader Joe’s. The property has strong historical occupancy and is currently 97 percent leased to 30 tenants with staggered lease terms.
Michael Riccio and Mark McGovern with CBRE Capital Markets’ Debt & Structured Finance team arranged the long-term, fixed rate loan.
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