CHICAGO (October 25, 2017) – Cohen Financial, a division of SunTrust Bank and a national real estate capital services firm, announced today that Dan Rosenberg, Managing Director, and Matt Terpstra, Vice President in the Chicago office, secured $6.57 million for the acquisition of a 71,000 square-foot, two- tenant building in St. Cloud, Minnesota. The anchor tenant is Cash Wise Foods, an employee-owned grocery retailer established in 1921. Cash Wise parent company is St. Cloud-based Coborn’s, Inc.
Cohen Financial secured a fixed-rate loan with Goldman Sachs Commercial Mortgage Capital. The borrower is Midland Atlantic Properties, a full-service commercial real estate firm with offices in Cincinnati, Ohio and Indianapolis, Indiana.
“This grocery-anchored retail property is strategically located in its hometown on a long lease, which drew competitive quotes from the lending community,” said Rosenberg. “Attractive grocery-anchored retail properties are still viewed favorably and remain attractive to the lending community.”
This Cash Wise Foods is located off of Highway 10 and Minnesota Route 23 and is surrounded by several other retailers in the area. The property is within two miles of downtown and St. Cloud State University.
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