WELLS FARGO PROVIDES $73.6 MILLION IN LOANS FOR FOUR SOUTHEAST PROPERTIES
BOCA RATON, FLA.; DENHAM SPRINGS, LA.; AND ATLANTA — Wells Fargo has provided $73.6 million in non-recourse financing for four properties in Florida, Louisiana and Georgia. In Boca Raton, Wells Fargo has provided a $44.5 million, 5-year loan for Mission Bay Plaza, a 272,886-square-foot retail center located at the intersection of Glades Road and U.S. 441/State Road 7. The center houses 49 tenants including LA Fitness, Toys “R” Us, Albertsons and Office Max. Michael Strober of CB Richard Ellis Melody in Tampa, Fla., was the mortgage broker for the transaction. Also in Boca, Wells Fargo has provided $8.2 million in financing for South Congress Warehouses, a 50-tenant property totaling 118,800 square feet of industrial space within the 850-acre Arvida Park of Commerce. Fred Welker in the Miami office of Holliday Fenoglio Fowler brokered the transaction.
Additionally, $11.9 million in financing was provided by Wells Fargo for Spring Park Plaza, an anchored retail center in Denham Springs. Tenants within the 137,574-square-foot development include Petco, Office Depot, Wells Fargo, Rite Aid Corporation and Radio Shack. Neil Efron of BankAtlantic in Fort Lauderdale brokered the five-year loan. In Atlanta, a 10-year, $9 million loan was provided by Wells Fargo for the unanchored retail center, The Station at Vinings. The 33,900-square-foot development, which is located on the south side of Paces Ferry Road, houses 19 tenants. Michael Galla in the Atlanta office of Primary Capital Advisors brokered the transaction.