Progress Capital Arranges $39M Acquisition Loan for Two Retail Centers in Upstate New York
Brad Domenico of Progress Capital secured a $39,000,000 acquisition loan for Northpath Investments to purchase BJ’s Plaza and McKinley Milestrip Center, two adjacent retail centers totaling 416,544 in Hamburg, a southern suburb of Buffalo, NY.
Located at 4405 and 4408 Milestrip Road, the shopping centers are at the intersection of Milestrip Road and McKinley Parkway, immediately east of I-90 and the New York State Thruway.
BJ’s Wholesale Club serves as the main anchor tenant for the 176,045-square-foot BJ’s Plaza, which also boasts full occupancy, with 10 other tenants. The 240,499-square-foot Milestrip Center is anchored by Home Depot and was delivered 94 percent occupied at the time of the deal, including 20 tenants.
Cushman & Wakefield’s Gary Gabriel, David Bernhaut, Brian Whitmer, Frank DiTommaso and Max Helfman, along with Ben Borrusso of Pyramid Brokerage Co., represented the seller in the transaction. The lender, Societe Generale Corp., provided the acquisition loan including favorable loan terms.
“BJ’s Plaza and McKinley Milestrip are prime shopping centers that are well-positioned within Southern Buffalo’s major retail hub,” said DiTommaso. “Both properties feature strong national anchor tenants supporting Northpath’s investment by providing durable cash flow in a growing market.”
Progress Capital is a commercial mortgage advisory firm with over $40 billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, Progress Capital continually prove its value to its clients by securing the best capital options available in the market.