Wynnehaven Plaza opened earlier this 12 months in Navarre, Fla. Picture courtesy of Department Properties
Department Properties has obtained a $12.9 million refinancing mortgage for Wynnehaven Plaza, a 65,000-square-foot purchasing middle in Navarre, Fla. Engaged on behalf of the borrower, CBRE secured the financing via 40|86 Mortgage Capital.
The corporate acquired the asset final 12 months in March from MAB American Administration LLC, whereas it was nonetheless underneath growth. Ameris Financial institution offered a $16.1 million development mortgage in 2022, in keeping with CommercialEdge information.
On the time of its buy, the Wynnehaven Plaza was the sixth Publix-anchored middle in Department Properties’ pipeline, all of which having been introduced for the reason that starting of the pandemic. Tasks additionally included Limestone Market, a roughly 76,800-square-foot growth in Gainesville, Ga.
Positioned at 10040 Navarre Parkway on a ten.5-acre parcel, Wynnehaven Plaza gives handy entry to US Freeway 98 and Rosewood Drive. Accomplished this 12 months, the absolutely leased property contains a 48,387-square-foot Publix retailer, roughly 9,700 sq. toes of inline retail area adjoining to Publix, in addition to a freestanding pad website appropriate for as much as 4,800 sq. toes. Different tenants embody Wave Ice Cream, Qwik Pack & Ship, El Jalisco Mexican Grill and Grand Nail Lounge.
CBRE Senior Vice President Richard Henry and Vice Chairmen Mike Ryan and Brian Linnihan, along with Director Taylor Crowder, represented the borrower.
