ValueXpress has arranged a $3.9-million CMBS conduit loan for the refinance of 3 retail centers located in Jackson, Mississippi. The transaction provided over $1 million of cash-out loan proceeds to the sponsor that will be used for additional real estate investments. The transaction also refinanced the prior recourse loans into one non-recourse loan.
Lakeover Shopping Center, the first property, was constructed by Sponsor Willie Moore in 1998. The building is 18,000 square feet and has been fully occupied by Quest Fitness since completion of construction.
Highway 18 Plaza, the second property, was purchased by Willie Moore in February 2009. The property was 22.5% occupied and in distress, which was reflected in a favorable purchase price. Willie executed a lease for Subway in 2010 for 1,900 square feet (sf), added Quest Fitness (6,000 sf) in fall 2009 after build-out and added Physical Therapy in 2012 (1,400 sf), then replaced a dress shop with a Physical Therapy expansion in 2014 (1,700 sf). The property has been 100% occupied since 2012.
Northpark Station, the third property, was purchased in distress in February 2013, when it was 33.6% occupied. Willie successfully leased the property to 100% occupancy within 24 months, increasing rent 3x from the level at closing. Northpark has now become an even greater home run with the NorthPark Mall revitalization, since the property is on a outparcel to the mall.
NorthPark and Pacific Retail Capital Partners (PRCP) officially broke ground March 8, 2018 on a multimillion-dollar renovation project. Work began immediately to update and renovate Northpark, a 34-year-old Ridgeland, Mississippi indoor institutional shopping destination. Phase 1 plans for the 958,000-square-foot property include new public entrances, corridors, amenities, public restrooms and common-area gathering spaces. The stunning look will combine Southern charm with modern elemental architecture and design.
Additional enhancements will include fresh interior and exterior landscaping and a complete resurfacing of the parking lot. The renovation will include a transformation of the current food court to a more open and spacious café-style eatery that will offer fresh dining options and updated dining areas where visitors will be able to comfortably gather to relax during their shopping visits.