San Francisco, Jan. 29, 2024 – JLL Capital Markets announced today that it has arranged the $20.5 million refinancing for Almaden Safeway Center, a 143,452-square-foot, grocery-anchored retail center located in San Jose, California.

JLL worked on behalf of the borrower, Brothers International Holding Corporation, to secure the ten-year, fixed-rate loan through RGA Reinsurance Company.

Almaden Safeway Center is spread across three buildings on 11.60 acres and features a WALT of 7.2 years. The center is 100% occupied by 10 tenants, including its high-performing anchor, Safeway, as well as JoAnn’s Fabrics, McDonald’s, T-Mobile and Savers. Major national tenants make up 95% of the GLA.

Located at the highly visible intersection of Almaden Expressway and Cherry Avenue, the property is just 0.1 miles from the 85 Freeway, providing access to downtown San Jose, Campbell and Los Gatos, as well as the population of 500,000 within a five-mile radius. The center also benefits from the foot traffic of six neighboring shopping centers, which include a Bass Pro Shops, Whole Foods, Walmart and Best Buy. Additionally, within a three-mile radius of the property is an average household income of $161,000.

The JLL Capital Markets team was led by Bruce Ganong, Lillian Roos and Matthew Mingrone.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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