Marcus & Millichap Capital Corporation (MMCC) has successfully arranged a $3,850,000 refinancing for Tully Commercial Center in San Jose. The retail property, located at 1055-1095 Tully Rd, was secured by David Campbell, senior managing director of capital markets at MMCC’s Palo Alto office.
According to Campbell, the financing was secured with a competitive interest rate of 5.72% and features a seven-year term with 25-years amortization. Despite market decline in other areas, the San Jose retail submarket remains stable due to the continuous growth of Silicon Valley’s economy.
Tully Commercial Center boasts 15 freestanding retail spaces and is conveniently situated near the 101 Freeway and only ten minutes away from downtown San Jose. Its major tenants include popular restaurants such as Little Caesars and Hawaiian BBQ as well as a hair and nail salon and dry cleaner services.
