PGIM Provides $171M Refi for Grocery Store Portfolio in Southeast
Sponsors Branch Properties and Corebridge Real Estate Investors own the portfolio, which is 97 percent leased.
By Brian Pascus November 11, 2024 3:28 pm
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Branch Properties and Corebridge Real Estate Investors have secured $171.4 million to refinance a 1.2 million-square-foot, eight-property portfolio of grocery-anchored retail spaces across the Southeastern United States.
PGIM provided the financing, while a CBRE (CBRE) team of Richard Henry, Mike Ryan, Brian Linnihan, and Taylor Crowder arranged the deal.
Henry, a senior vice president at CBRE, called the properties “an exceptional portfolio with even better sponsorship,” in a statement.
The portfolio includes eight properties holding 194 tenants, with anchor tenants that include brand names such as Publix, Kroger and Whole Foods. The properties are in Bradenton, Sarasota, Melbourne and Palm Coast, Fla.; Atlanta and Gainesville, Ga.; Lexington, Ky.; and Memphis and Knoxville, Tenn., according to CBRE.
The portfolio is 96.6 percent leased, according to CBRE.
Branch Properties, Corebridge Real Estate and PGIM did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
