Enfield, CT The Westport office of Goedecke & Co., LLC has arranged $16.86 million in first mortgage financing for the acquisition of Freshwater/Stateline Plaza, a 300,588 s/f anchored shopping center located on Elm St. and Freshwater Blvd. The center is anchored by Costco, shadow anchored by Home Depot with additional tenants including Dick’s Sporting Goods, P.C. Richard & Son, Dollar Tree, Jo-Ann Fabrics and Autozone.
Goedecke principal Timothy Breda and senior associate Kristin Zuckerman worked exclusively on behalf of the buyer to secure a long term, fixed rate, non-recourse loan from Nationwide Life Insurance, headquartered in Columbus, OH. The borrower is a single purpose entity controlled by Katz Properties LLC in partnership with NYC based GHC Development. Katz Properties is a full service real estate company that invests throughout the East Coast from Maine to Florida, with a focus on high quality grocery anchored centers in primary and secondary markets.
Breda said, “Freshwater/Stateline Plaza was sold by Brixmor, a NYSE listed REIT whose current strategy differs from that of Katz Properties. Katz is very comfortable with the market leader warehouse club (Costco) in occupancy at this location for many years as its anchor performing well with above average sales and the embedded shadow anchor of a market leader home improvement store (Home Depot). Katz feels that this is a strong relative value investment given the high credit and good sales of the primary anchor. The center has also had a long history of high occupancy with good quality tenants. We are very pleased that a well-known national institution such as Nationwide Life shared Katz’s view on this premise. Once again, Katz Properties has secured a solid, stable investment for its investors and we are happy to have assisted.”