Gimbert Realty Capital placed a new acquisition / Permanent Loan for the Big Lot’s Department store at Victory Village Shopping Center in Williamsburg, Va.
The 55,000 square foot store, and 4.7 acre associated parcel, was part of a two-property acquisition involving two different sellers. GRC represented the buyers. The acquisitions were associated with a 1031 tax investment of proceeds from the sale of anchored shopping center in the Salisbury, Maryland area. A speedy finance process, for the multiple property acquisition, was key to transaction success.
Founded in 1967, Big Lot’s Department store has grown to over 1,400 stores around the United States. It has become a go to retailers for a wide range of product for home and garden. A New York Stock Exchange listed company, Big Lot’s continues to enjoy significant growth and strong sales performance.
“This multiple property acquisition called for a very fast loan placement process, given a short 1031 timeline, while overcoming the current lending reluctance associated with Big Box Retailers / Department stores” – Mr. Tracy A. Beer – Managing Director
Founded in 1985, Gimbert Realty Capital has been serving a wide range of commercial real estate Investors and Developers in the Mid-Atlantic market for nearly 40 years. GRC is a long-time correspondent for over a dozen, highly competitive Life Insurance Company lenders. Gimbert Realty combines the benefits of in-house, direct lending with a thorough, market-wide knowledge of all active lending source for Debt and Equity placements. www.GimbertRealtyCapital.com
