Eastern Union Successfully Secures Financing for Lima, Ohio Shopping Center Acquisition
Eastern Union, a leading name in commercial real estate brokerage, has marked another significant achievement in the Midwest by arranging $12,967,500 in financing for the acquisition of the Lima Center in Lima, Ohio. This expansive shopping center, which spans 174,078 square feet, was purchased for a total price of $19,500,000, showcasing Eastern Union's capacity to facilitate large-scale real estate transactions.
The team behind this successful financing deal comprised several key figures from Eastern Union, including Managing Director Jack Beida, Senior Managing Director Michael Muller, and Commercial Loan Analyst Mike Orlik. With their expertise and networking skills, they were able to secure a seven-year, fixed-rate mortgage that perfectly aligns with the investment objectives of the buyer, Lima Tov, LLC.
Lima Center stands out not only for its size but also for its premium tenant lineup. The center features notable national retailers, including an 86,584-square-foot Kohl's and a 30,000-square-foot TJ Maxx, as well as a variety of other retailers that serve the local community. The shopping center was built in 1978, but significant renovations and expansions have kept it updated, with Kohl's opening its doors in 2002 and TJ Maxx following suit in 2005. Currently, the center boasts a full occupancy rate, reflecting its value and appeal to shoppers and investors alike.
The strategic location of Lima Center plays a crucial role in its success. Based in Lima, Ohio, a city with a population exceeding 35,000 residents, the shopping center benefits from a diverse local economy that includes sectors such as healthcare, education, and manufacturing. This multi-industry presence ensures a steady stream of potential customers and enhances the shopping center's overall viability as an investment.
Eastern Union has established a noteworthy reputation in Ohio, having financed over $1 billion worth of commercial assets throughout the state. Their continued investment in the region highlights their commitment to enhancing local economies and supporting the growth of commercial real estate.
In a statement about the acquisition, Jack Beida emphasized the center's quality and stability, noting that Lima Center is fully occupied and predominantly leased to well-known retail brands. With approximately 1.9 million annual visitors, he remarked, "This top-tier retail asset meets every benchmark for quality and stability. We were able to secure optimal bank financing on behalf of our client."
The acquisition of Lima Center underscores Eastern Union's vital role in the competitive landscape of commercial real estate. As they continue to expand their portfolio and maintain their strong presence in the Midwest, Eastern Union seeks to leverage fruitful relationships with lenders and capitalize on their vast marketplace knowledge to provide their clients with favorable financing options.
In conclusion, Eastern Union’s financing of the Lima Center represents not only a successful transaction but also a positive milestone for the local economy in Lima, Ohio. The center is now poised to continue serving the community while providing a stable investment for Lima Tov, LLC. As Eastern Union moves forward with other acquisitions, their role in shaping the commercial real estate market remains increasingly significant.
For more information about Eastern Union and their extensive portfolio of services, visit their website at www.easternunion.com.
The team behind this successful financing deal comprised several key figures from Eastern Union, including Managing Director Jack Beida, Senior Managing Director Michael Muller, and Commercial Loan Analyst Mike Orlik. With their expertise and networking skills, they were able to secure a seven-year, fixed-rate mortgage that perfectly aligns with the investment objectives of the buyer, Lima Tov, LLC.
Lima Center stands out not only for its size but also for its premium tenant lineup. The center features notable national retailers, including an 86,584-square-foot Kohl's and a 30,000-square-foot TJ Maxx, as well as a variety of other retailers that serve the local community. The shopping center was built in 1978, but significant renovations and expansions have kept it updated, with Kohl's opening its doors in 2002 and TJ Maxx following suit in 2005. Currently, the center boasts a full occupancy rate, reflecting its value and appeal to shoppers and investors alike.
The strategic location of Lima Center plays a crucial role in its success. Based in Lima, Ohio, a city with a population exceeding 35,000 residents, the shopping center benefits from a diverse local economy that includes sectors such as healthcare, education, and manufacturing. This multi-industry presence ensures a steady stream of potential customers and enhances the shopping center's overall viability as an investment.
Eastern Union has established a noteworthy reputation in Ohio, having financed over $1 billion worth of commercial assets throughout the state. Their continued investment in the region highlights their commitment to enhancing local economies and supporting the growth of commercial real estate.
In a statement about the acquisition, Jack Beida emphasized the center's quality and stability, noting that Lima Center is fully occupied and predominantly leased to well-known retail brands. With approximately 1.9 million annual visitors, he remarked, "This top-tier retail asset meets every benchmark for quality and stability. We were able to secure optimal bank financing on behalf of our client."
The acquisition of Lima Center underscores Eastern Union's vital role in the competitive landscape of commercial real estate. As they continue to expand their portfolio and maintain their strong presence in the Midwest, Eastern Union seeks to leverage fruitful relationships with lenders and capitalize on their vast marketplace knowledge to provide their clients with favorable financing options.
In conclusion, Eastern Union’s financing of the Lima Center represents not only a successful transaction but also a positive milestone for the local economy in Lima, Ohio. The center is now poised to continue serving the community while providing a stable investment for Lima Tov, LLC. As Eastern Union moves forward with other acquisitions, their role in shaping the commercial real estate market remains increasingly significant.
For more information about Eastern Union and their extensive portfolio of services, visit their website at www.easternunion.com.
Topics General Business）
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