Many retail property owners are successfully refinancing their debt and securing new loans despite rising interest rates.

Just seven months after emerging from Chapter 11 bankruptcy restructuring, CBL Properties has secured a new $360-million loan, backed by 90 outparcels located in parking lots across its portfolio and 13 of its most valuable open-air centers. The Chattanooga, Tennessee-based landlord will use the funds to pay off $335 million in outstanding senior secured debt notes that are coming due in 2029.

CBL is pleased with the loan’s new terms, according to Stephen Lebovitz, CEO. “The favorable terms, including proceeds funded at a 62.5% loan-to-value ratio based on a blended 6.2% cap rate, clearly demonstrate the intrinsic value of our asset base.”

The new loan, provided by Beal Bank, has an initial five-year term with one two-year extension option. The loan bears a floating interest rate based on 30-day SOFR plus 4.10%. CBL has fixed the interest rate for one-half, or $180 million principal amount of the $360 million loan, at a fixed rate of 6.95% for a term of three years. The balance will remain at a floating rate. Based on the current yield curve, the average interest rate for the first three years is estimated in the range of 6.75% - 6.95%.

Another retail REIT, Site Centers, also recently refinanced and extended its credit facility. The Beachwood, Ohio-based company extended its $950 million unsecured revolving credit facility to June 2026. Site Centers also refinanced a separate unsecured term loan and upsized the agreement to $200 million from $100 million, with the extra $100 million available via a delayed draw feature, and extended its maturity through December 6. The bank set the pricing of the unsecured term loan at SOFR plus 95 basis points and a 10 basis-point credit spread. JPMorgan and Wells Fargo Securities helped underwrite both Site Centers’ loans.

Meanwhile privately held Syracuse, New York-based Pyramid Management Group said it successfully worked with its lenders to extend the loan on its 1.6 million-square-foot Walden Galleria mall, in Buffalo, New York. Pyramid CEO Stephen Congel said the three-year extension of Walden Galleria’s loans allows the company to continue to reinvest in the shopping center, ensuring its health, vibrancy and dominant positioning. Details of the refinanced loan were not disclosed.

5 Retail Property Deals of Note

Maricopa, Arizona: The Sprouts Farmers Market-anchored Sonoran Creek Marketplace sold for $34 million in an off-market transaction. Phoenix Commercial Advisors represented the seller, Thompson Thrift Retail Group, in the transaction. The 73,692-square-foot center was 100% leased to Jimmy John’s, The Joint Chiropractic, Marshalls and Supercuts. Phoenix Commercial Advisors represented the seller, Thompson Thrift Retail Group, in the transaction. The buyer was undisclosed.

Moreno Valley, California: The 82,340-square-foot Moreno Beach Plaza II traded for $21 million. A West Coast-based investment firm sold the asset to an undisclosed buyer. Colliers represented the seller. AutoZone, Carl’s Jr., LA Fitness and Panda Express are tenants at the 96%-occupied property. The property consists of three single-tenant parcels, a multi-tenant pad building and a two-tenant anchor building situated on 9.1 acres.

Plantation, Florida: Miami Manager sold the 230,330-square-foot Plantation Marketplace to Barron Real Estate and Hudson Capital for $38.4 million. Katalyst Real Estate represented the buyer and seller. Tenants include Big Lots, CVS, Food Fair and Subway. The new owner plans to add mixed uses to the property.

Fairfield, Illinois: Acadia Realty Trust sold the 272,060-square-foot Lincoln Place to Jenel Real Estate for $40.75 million. Aldi and Total Wine anchor the suburban Chicago property. JLL Capital Markets represented the seller.

Boston: Tishman Speyer Properties sold Pier 4 Retail, a 16,134-square-foot urban retail condominium in Boston’s vibrant Seaport neighborhood, for $12 million. JLL Capital Markets advised the seller. Completed in 2019, Pier 4 Retail is leased on a long-term basis to two high-volume, chef-inspired restaurants, Nautilus and Woods Hill at Pier 4.