DALLAS, August 31, 2012 — Dallas, Texas-based Metropolitan Capital Advisors (MCA), a financial intermediary specializing in the exclusive representation of investors, developers and property owners in the commercial real estate capital markets, has arranged a fixed rate mortgage for the acquisition of Pitman Corners Shopping Center, located in Plano, Texas.
Pitman Corners Shopping Center (the “Property”), is a 192,267 square foot, one-story, grocery-anchored/neighborhood retail center located at the southwest corner of West 15th Street and Custer Road in Plano, Texas. Plano is a submarket with excellent demographics and a total daily intersection traffic count of 56,662 vehicles.
Anchored by Albertsons, Tuesday Morning, and McDonalds the Property enjoys exposure to consumers en route to their homes from the close by U.S. Highway 75 and the Bush Turnpike (Highway 190). The population within a five-mile radius, is expected to grow by over 11% by 2015 and the current average household income is over $100,000.
Todd McNeill was responsible for arranging 75% Loan to Value non-recourse acquisition loan with a local bank at a fixed rate of 5.5% with a 30 year amortization.
Since 1992, Metropolitan Capital Advisors has closed in excess of $8.5 billion of debt and equity transactions. National Real Estate Investor Magazine has consistently ranked MCA as one of the top CRE Financial Intermediaries in the US. MCA has already closed over $200,000,000 of commercial real estate financing during 2012.