Gantry has secured a $21.4 million permanent loan for the acquisition of the James Center grocery-anchored retail center located at 6901 S 19th St in Tacoma, Washington.
The property was purchased by a partnership managed by Rosen Harbottle Commercial Real Estate whose portfolio consists of 64 retail, office and industrial buildings totaling over 3.9 million square feet throughout Puget Sound and Boise, Idaho.
Gantry’s Alan Hergert, Senior Director, and Tim Brown, Senior Associate, with the firm’s Seattle production office, represented the borrower, a private real estate investor. The 10-year, fixed-rate, nonrecourse loan was secured through one of Gantry’s correspondent life company lenders and features a 30-year amortization. Gantry will service the loan.
The stabilized property offers 140,240 square feet of leasable space in multiple buildings on a 15.95-acre site. Major tenants at James Center include Fred Meyer grocers, Rite Aid, U.S. Bank, IHOP, Taco Bell, MultiCare, and FedEx.
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