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July 12, 2024
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Brothers International Holding Corporation Completes $20.5 Mil Refi of San Jose Retail Property


Brothers International Holding Corporation has obtained a $20.5 mil refi loan for Almaden Safeway Center, a 143.5k sf, grocery-anchored retail center located in San Jose.

Almaden Safeway Center is spread across three buildings on 11.60 acres and features a WALT of 7.2 years. The center is 100% occupied by 10 tenants, including its high-performing anchor, Safeway, as well as JoAnn’s Fabrics, McDonald’s, T-Mobile and Savers. Major national tenants make up 95% of the GLA.

Located at the highly visible intersection of Almaden Expy and Cherry Ave, the property is just 0.1 miles from the 85 Fwy, providing access to downtown San Jose, Campbell and Los Gatos, as well as the population of 500,000 within a five-mile radius. The center also benefits from the foot traffic of six neighboring shopping centers, which include a Bass Pro Shops, Whole Foods, Walmart and Best Buy. Additionally, within a three-mile radius of the property is an average household income of $161,000.

Bruce Ganong, Lillian Roos and Matthew Mingrone with JLL Capital Markets arranged the 10-year, fixed-rate loan through RGA Reinsurance Company.

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