Ginnie McCorkle Acquires Rio Norte Shopping Center In Laredo, Texas
5404 San Bernardo Avenue
Building Size
222,291 SF
Asset Type
Retail
Closing
Jun 18, 2024
AI
The 222,291-square-foot Rio Norte Shopping Center, located at 5404-5506 San Bernardo Avenue in Laredo, Texas, was sold to Kobalt Investment Company LLC, Stonefield Investment Advisors LLC, and Espada Real Estate. The Class A retail center is anchored by renowned retailers like Ross Dress for Less, Michael’s, and Petco, enjoying a prime location off Interstate 35 in a high-growth area.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Buyer: Ginnie McCorkle - Kobalt Investment Company LLC; Stonefield Investment Advisors LLC; Espada Real Estate
- Brokers: Adam Howells & Matthew Barge - JLL
JLL Capital Markets played a crucial role in facilitating the sale of Rio Norte Shopping Center. The deal involved key individuals such as Ginnie McCorkle representing the buyer entities, Kobalt Investment Company LLC, Stonefield Investment Advisors LLC, and Espada Real Estate. Additionally, Adam Howells and Matthew Barge from JLL served as the brokers in this transaction.
Laredo Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93