The Real Deal Miami

Jamestown, Weingarten Realty score $170M loan for six shopping centers

New York branch of German bank Landesbank Baden-Wurttemberg is the lender

April 01, 2016 12:45PM
By Katherine Kallergis and Sean Stewart-Muniz

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Northridge Shopping Center

Northridge Shopping Center in Oakland Park

The joint venture owners of six shopping centers in South Florida and Atlanta have closed on $170 million in financing.

Broward County records show WRI JT Northridge LP, which owns the Northridge Shopping Center in Oakland Park, is the borrower.

The loan also covers Tamiami Trail Shops, Pembroke Commons, Flamingo Pines, Hollywood Hills Plaza and Publix at Princeton Lakes, the latter of which is in Atlanta, according to a spokesperson for Weingarten.

Jamestown owns 80 percent of the Northridge Shopping Center, while Weingarten Realty Investors, a publicly traded company, has the remaining 20 percent stake in the 18.5-acre retail property at 1003 East Commercial Boulevard. Other tenants of the 234,000-square-foot mall include Ross, Party City, Rainbow Apparel and Youfit Health Club. Publix has been a tenant of the shopping center since 1972. According to Weingarten’s fourth quarter 2015 filing, Northridge had a 99.2 percent occupancy and an average base rent of $17.44 per square foot at the end of last year.

The New York branch of German bank Landesbank Baden-Wurttemberg is the lender.

In its 2015 annual report, the real estate investment trust said it has 11 redevelopment projects that it plans to invest about $56.2 million in over the next two years. Weingarten and Jamestown declined to comment.

Jamestown, based in Atlanta and Germany, owns property in Miami-Dade. The real estate investment and management firm closed on $35 million in financing for a newly renovated apartment complex in Sunny Isles Beach earlier this year. It also acquired buildings on Washington Avenue and Collins Avenue in Miami Beach.

Correction: An earlier version of this story incorrectly identified Northridge Shopping Center as the sole property in the loan. The mortgage also includes five other shopping centers, including one in Atlanta.