Tampa, FL – July 25, 2013 – CBRE’s Debt & Equity Financing Group has secured a $27.2 million loan for Cole Real Estate Investments, a real estate investment trust based in Phoenix, Arizona. The proceeds were used to refinance a portfolio of six single-tenant retail assets in various locations throughout the country. Based in Tampa, CBRE Senior Vice President Michael Strober was joined by partners Amanda Valenti and Donald Jennewein in representing the borrower, Cole. CBRE secured financing with a six-year term, interest only and a 3.1% interest rate from an undisclosed life company.
“CBRE’s recommendation to Cole was to refinance the portfolio with the existing lender nine months in advance of the contractual maturity,” said Michael Strober. “This was a win-win for both parties. The lender extended the maturity on six credit assets and borrower received the benefit of a low interest rate environment.”
The retail assets in the portfolio include a Home Depot in San Diego, California; Harris Teeter in Durham, North Carolina; Kohl’s in Monrovia, California; Walgreens in Edmond, Oklahoma; CVS in Southaven, Mississippi; and Kohl’s in Tavares, Florida. Together the properties total approximately 350,000 square feet.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.