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CenterSquare Investment Management Acquires Retail Center In Wilmington, NC For $22.4M With Loan From Nationwide Life & Annuity Insurance Co
FINANCED
$22,400,000
North Carolina
See Similar DealsRetail105,785 SF
Financed 09/12/2023
FINANCED
CenterSquare Investment Management Acquires Retail Center In Wilmington, NC For $22.4M With Loan From Nationwide Life & Annuity Insurance Co
1125 Military Cutoff Road
See Similar DealsRetail105,785 SF
Financed 09/12/2023
Summary
NORTH CAROLINA
Asset Type:Retail
Price Per Square Foot:$211
Total Square Footage:105,785 SF
Transaction Type:Loan
Todd Briddell, the CEO of CenterSquare Investment Management, has acquired The Forum, a 105,785-square-foot retail center located at 1125 Military Cutoff Road in Wilmington, North Carolina. The acquisition of The Forum marks CenterSquare’s 15th service property purchase in the Southeast market and 37th nationwide.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $22,400,000
- Square Footage: 105,785
- Address: 1125 Military Cutoff Road, Wilmington, NC
- Market: Wilmington, NC
- Acres: 13.6
The lender for this acquisition was Nationwide Life & Annuity Insurance Co. The landlord, Todd Briddell, represented CenterSquare Investment Management in the deal.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$22,400,000.00
Monthly NOI$149,333.33
Monthly Debt Service$141,583.24
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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