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SACRAMENTO NEWS
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Investor Purchases $10.5 Mil Non-Performing Loan on Sacramento Retail Center

7/09/12

A privately held real estate investment and management company recently completed the acquisition of a $10.5 mil non-performing senior mortgage, which is secured by the Glenbrook Shopping Plaza, a five-building, 69.2k sf shopping center located at 8700-8760 La Riviera Dr in Sacramento. The property consists of four parcels totaling 6.85 acres and containing a total land area of 298.7k sf of improvements, which includes 344 parking stalls. The current occupancy at the property is 85%.

Thorofare Capital Inc funded the facility, which provided 65% of the total acquisition cost, including fees and closing costs. New York City-based Mission Capital Advisors, in coordination with Rockwood Real Estate Advisors, facilitated the sale of the note through an online, sealed-bid auction, on behalf of one of the largest special servicers in the CMBS industry. The deal closed in eight days.

Brendan W. Miller, Thorofare’s Co-President commented, “This property has strong value-add components, which should be achieved through rehab and stabilization as well as marking rents to market. The tenant roster at Glenbrook currently includes Big Lots, Jack in the Box, and Subway, all with corporate guarantees.

The immediate trade area surrounding Glenbrook Shopping Plaza houses more than 308,100 people within a five-mile radius. There are two access points off of La Riviera Dr, as well as, one additional entrance off Salmon Dallas Dr. The property is easily accessible from both Watt Ave and Hwy 50, which together enjoy a combined traffic count of more than 100,000 cars per day.





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