JLL arranges financing for Virginia Beach retail center
Fairfield Shopping Center is home to a variety of e-commerce-resistant tenants
CHARLOTTE, N.C., September 11, 2019 – JLL announced today that it has arranged acquisition and renovation financing for Fairfield Shopping Center, a 243,031-square-foot, grocery-anchored retail center in Virginia Beach, Virginia.
JLL worked on behalf of the borrower, a partnership between Crosland Southeast and New Market Properties, to place the seven-year, floating-rate loan with BB&T Real Estate Funding.
Anchored by Food Lion, TJ Maxx, and Rite Aid, the 87%-leased Fairfield Shopping Center is also home to a variety of service, retail and restaurant tenants, including Starbucks, Verizon, SunTrust Bank, Hardee’s, Five Guys and Moe’s Southwest Grill. Situated on 24 acres, the property is visible to approximately 55,000 vehicles a day at the intersection of Providence and Kempsville Roads. It is located within in the Hampton Roads MSA, a geographically expansive area stretching from Williamsburg and James City County to the northeastern corner of North Carolina and covers a diverse array of submarkets. Nearly 129,000 residents earning an average annual household income of $87,393 live within a three-mile radius of Fairfield Shopping Center.
The JLL Capital Markets team representing the borrower was led by Senior Director Cory Fowler.
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 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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Crosland Southeast
Crosland Southeast has a long history of developing award-winning retail and mixed-use projects throughout the Southeast, with its founding members serving as former partners of the 74-year-old Crosland LLC. Today, Crosland Southeast strives to build on its legacy by investing in retail and mixed-use acquisitions, and developing grocery, single-tenant and high-quality mixed-use assets that epitomize place-making at its finest. For more information, please visit croslandsoutheast.com.
About New Market Properties
New Market Properties, LLC is a wholly owned indirect subsidiary of Preferred Apartment Communities, Inc. and is focused on the grocery anchored shopping center sector. New Market currently owns and operates a portfolio of grocery anchored shopping centers in nine states. New Market's strategy is to prudently grow and operate its existing portfolio throughout the Mid-Atlantic, Southeast and Texas. New Market targets high quality suburban markets with dominant grocers such as Publix, Kroger, Harris Teeter, Tom Thumb, HEB and Giant Food. Learn more at newmarketprop.com.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to own and operate multifamily properties and, to a lesser extent, own and operate student housing properties, grocery anchored shopping centers and strategically located, well leased Class A office buildings in select targeted markets throughout the United States. As part of Preferred Apartment Communities’ business strategy, the corporation may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and may make real estate related loans, provide deposit arrangements or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities. As a secondary strategy, Preferred Apartment Communities may acquire or originate senior mortgage loans, subordinate loans or real estate loans secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest a lesser portion of its assets in other real estate related investments, including other income-producing property types, senior mortgage loans, subordinate loans or real estate loans secured by interests in other income-producing property types, membership or partnership interests in other income-producing property types as determined by Preferred Apartment Communities’ manager as appropriate for the corporation.