JLL Capital Markets arranged the refinancing of the 143,452-square-foot Almaden Safeway Center in San Jose, California
News release
29 January 2024
$20.5M financing secured for grocery-anchored retail center in California
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San Francisco, Jan. 29, 2024 – JLL Capital Markets announced today that it has arranged the $20.5 million refinancing for Almaden Safeway Center, a 143,452-square-foot, grocery-anchored retail center located in San Jose, California.
JLL worked on behalf of the borrower, Brothers International Holding Corporation, to secure the ten-year, fixed-rate loan through RGA Reinsurance Company.
Almaden Safeway Center is spread across three buildings on 11.60 acres and features a WALT of 7.2 years. The center is 100% occupied by 10 tenants, including its high-performing anchor, Safeway, as well as JoAnn’s Fabrics, McDonald’s, T-Mobile and Savers. Major national tenants make up 95% of the GLA.
Located at the highly visible intersection of Almaden Expressway and Cherry Avenue, the property is just 0.1 miles from the 85 Freeway, providing access to downtown San Jose, Campbell and Los Gatos, as well as the population of 500,000 within a five-mile radius. The center also benefits from the foot traffic of six neighboring shopping centers, which include a Bass Pro Shops, Whole Foods, Walmart and Best Buy. Additionally, within a three-mile radius of the property is an average household income of $161,000.
The JLL Capital Markets team was led by Bruce Ganong, Lillian Roos and Matthew Mingrone.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Brothers International Holding Corporation
Brothers International Holding Corporation is a holding company dedicated to providing premium commercial real estate properties and property management services to prospective businesses. They serve companies looking for office space, a location for corporate headquarters, or retails space for stores or restaurants. With offices and shopping centers across some of the most desirable locations in San Francisco and the Bay Area, their goal is to make premium commercial and retail space available to companies who demand excellence. Each property is represented by professional property management staff, dedicated to serving the needs of clients and tenants alike.