News release

6-property West Coast retail portfolio refinanced with $274.4M

JLL Capital Markets arranged the loans with JP Morgan Chase on behalf of CenterCal Properties

February 24, 2021

SAN FRANCISCO, Feb. 24, 2021 – JLL Capital Markets announced today that it has arranged $274.4 million in financing for a six-property portfolio of core-quality retail properties totaling more than 2.7 million square feet in major West Coast markets.

JLL worked on behalf of the borrower, a joint venture between CenterCal Properties and a large pension fund, along with their advisors, Principal and PCCP, to arrange five separate 10-year, fixed-rate, non-recourse CMBS loans with JP Morgan Chase. Proceeds were used to retire existing debt and rebalance leverage across the portfolio.

The portfolio’s properties are situated in the major West Coast markets of Seattle, Washington; Boise, Idaho; and Salt Lake City, Utah. The retail portfolio consists of four grocery-anchored shopping centers, one power center and one retail strip asset all leased to a mix of national and credit-worthy tenants across various retail sectors, including notable grocers and complimentary e-commerce-resistant retailers in the food and beverage, entertainment, health and wellness and lifestyle sectors.

JLL Executive Managing Director Kevin MacKenzie and Senior Managing Directors Bruce Ganong and Paul Brindley represented the borrower with a support team that included Associate Sam Godfrey and Analyst Spencer Bergthold. 

“The assignment commenced pre-COVID, and closing on these transactions was a testament to the patience and flexibility of both the lender and the borrower,” Ganong said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About CenterCal, LLC

CenterCal, LLC was formed on December 22, 2004 as a joint venture between a large pension fund (as advised by Principal Real Estate Investors) and CenterCal Associates, LLC. The purpose of the joint venture is to create a sustainable, long-term platform to pursue a broad range of development

activities, ranging from new development, redevelopment of existing projects and opportunistic acquisitions of existing or distressed individual or portfolio assets. Since inception, the company has established a brand that has become widely recognized for the successful execution of the latest retail technology in a manner that adds long lasting value not only to our projects but to the communities we serve. The company philosophy will be to continue to leverage technology and push the envelope of design, programming and merchandising to create high quality experiential retail driven mixed use destinations in strategic locations with the country’s most sought after retailers. The company has created a tremendous track record with best in class tenants and municipalities that will be essential to the company’s future success. The company currently has 20 assets across five states.

About PCCP

Since 1998, PCCP has been providing commercial real estate debt and equity solutions in the U.S. Its hands-on investment management team has raised, invested or managed over $21.8 billion of institutional capital.

About Principal Real Estate Investors

Principal Real Estate Investors manages or sub-advises $88.1 billion in commercial real estate assets (as of December 31, 2020). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.