By Joshua Burd
The owner of two grocery-anchored retail properties outside New Jersey has scored a combined $18.9 million in financing for the assets, in a set of deals arranged by G.S. Wilcox & Co.
In a news release, the firm said the transactions include a $7.7 million acquisition loan for a two-building, 151,000-square-foot complex in Greensboro, North Carolina, that is minutes from Route 70. In the second deal, in Richmond, Virginia, the borrower closed on $11.2 million in financing for three buildings totaling 112,000 square feet, having recently invested significant capital into the property and executed a long-term lease extension with the anchor tenant.
G.S. Wilcox partners Bridget Wilcox and Wesley Wilcox and Will Gallagher, an associate producer, sourced the debt through the Morristown-based firm’s correspondent life insurance companies. The borrower, which is also based in New Jersey, secured both loans on five-year terms at what Wilcox described as a highly competitive rate.
Food Lion, a local grocery chain, anchors both properties.
“It was a pleasure working with both the borrower and lender to get these transactions across the finish line,” the Wilcox team said in a prepared statement. “Both transactions signal continued growth and investment in the retail market in the Southeast.”
