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11/03/22
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Vacaville Commons, a 400k sf power retail center in Vacaville, was refinanced with a new permanent loan for $23 mil. Vacaville is a NoCal city located along I-80 roughly midway between San Francisco and Sacramento.
The center marked its 30th anniversary this year. It features a range of popular tenants including Safeway, Ross, Big 5, Chase Bank, Chick-fil-A, and Chili’s as examples, with shadow anchors Target and Burlington occupying independently owned inline locations inclusive of the total tenant roster.
Tom Dao and Erinn Cooke with Gantry secured the financing on behalf of the borrower, a private real estate investment partnership. The 10-year loan was provided by a life company lender at an attractive fixed-rate in the low 4% range, with terms including a lengthy interest only period transitioning to 30-year amortization.
“Regional center retail assets along easy transportation access routes continue to attract lender interest,” notes Dao. “These are destination properties, where people will consume at one or more locations during a visit, that combine essentials shopping with dining and other relevant services and purchases. These assets have remained resilient throughout and post COVID and continue to demonstrate strong fundamentals.”
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