The note on the first two phases of Monte Vista Crossings, a retail shopping center in Turlock, Calif., has sold for approximately $44 million.
Dennis Williams, managing director in the San Francisco office of NorthMarq Capital, arranged the sale on behalf of its correspondent lender, Teachers Insurance and Annuity Association of America.
The 298,971 sq. ft. Monte Vista Crossings is at the intersection of Highway 99 and West Monte Vista Avenue. Major tenants are Ross Dress for Less, BevMo, T.J. Maxx, OfficeMax, Pier 1 Imports, and Bed Bath & Beyond. The note sale excludes some anchor tenants on the site, including Safeway, Home Depot, Target, Lowe’s and Kohl’s.
Monte Vista Crossings is expected to include a third phase of development and will ultimately encompass office and light industrial space and two hotels as well as existing and planned retail, according to Williams. In all, the project covers 40 acres.
Minneapolis-based NorthMarq provides mortgage banking and commercial loan servicing in 32 offices coast to coast, with an average annual production volume of $7 billion. The company services a loan portfolio of nearly $40 billion, and manages more than 60 million sq. ft. of retail, industrial and office space in 22 markets. NorthMarq handles more than 7,500 leasing, sales and mortgage banking transactions each year.