Berkowitz Development Group Inc. recently announced that it has successfully secured refinancing of a $45 million loan on Kendallgate Shopping Center, a 194,624-square -foot shopping destination located at 11910 SW 88 St. (N. Kendall Drive).
Although the treasury rates increased from May to October 2013, well-positioned institutional quality assets still have been able to secure interest rates at historically low levels. Berkowitz Development Group recently placed Kendallgate Shopping Center’s 10-year fixed-rate loan with PNC Bank.
An institutional quality asset and Berkowitz Development Group’s experience and expansive presence in the Kendall market has enabled Kendallgate Shopping Center to outperform the market, beating the market occupancy rate of 97.3 percent for West Kendall with a fully occupied center.
“Since its construction in 1989 and subsequent renovation in 2004, Kendallgate Shopping Center has always been a thriving source of commerce for the Kendall community and our national retailers continue to boast strong sales,” said David Singer, CEO of Berkowitz Development Group. “Weathering through several economic cycles since 1989, our team was acutely aware that now is the time to refinance so our center can continue on an upward trajectory.”
Located at the entrance to West Kendall on the southwest corner of N. Kendall Drive and Florida’s Turnpike, Kendallgate Shopping Center’s retailers enjoy the busy traffic provided as a result of the high population of the area. The property includes notable tenants such as DSW, Bed Bath & Beyond, Petco, ULTA, Chili’s, Macaroni Grill and Sports Authority, which just finished a complete renovation of the store.
For more information about Berkowitz Development Group or leasing information for Kendallgate Shopping Center, call 305-854-2800 or visit www.berkowitzdevelopment.com.