CBRE Secures $50M Refinance for Park West Place in Stockton
CBRE has secured an approximately $50 million refinancing loan for Park West Place, a prominent 554,438-square-foot retail power center located in Stockton, California. The financing was arranged on behalf of Raider Hill Advisors and Farallon Capital Management, LLC, with funding provided by a national bank.
The CBRE Debt & Structured Finance team, including Richard Henry, Mike Ryan, Brian Linnihan, and Shaun Moothart, represented the sponsorship.
“Park West Place is a best-in-class retail asset with strong fundamentals and a highly diversified rent roll,” said Richard Henry. “The sponsorship has done an exceptional job executing their business plan and driving revenue growth.”
Constructed in 2008 and positioned on roughly 58.6 acres, Park West Place is currently 96.4% leased to 46 tenants. The center features national anchor tenants such as Lowe’s, Kohl’s, Sportsman’s Warehouse, Ross Dress for Less, and TJ Maxx. More than 40% of the net rentable area is leased to investment-grade tenants.
The retail center is strategically located within the Central Stockton retail submarket, which has maintained a vacancy rate below 5% for over a decade.
