Branch Properties has obtained a $12.9 million refinancing loan for Wynnehaven Plaza, a 65,000-square-foot shopping center in Navarre, Fla. Working on behalf of the borrower, CBRE secured the financing through 40|86 Mortgage Capital.
The company acquired the asset last year in March from MAB American Management LLC, while it was still under development. Ameris Bank provided a $16.1 million construction loan in 2022, according to CommercialEdge data.
At the time of its purchase, the Wynnehaven Plaza was the sixth Publix-anchored center in Branch Properties’ pipeline, all of which having been announced since the beginning of the pandemic. Projects also included Limestone Marketplace, a roughly 76,800-square-foot development in Gainesville, Ga.
Located at 10040 Navarre Parkway on a 10.5-acre parcel, Wynnehaven Plaza provides convenient access to US Highway 98 and Rosewood Drive. Completed this year, the fully leased property comprises a 48,387-square-foot Publix store, roughly 9,700 square feet of inline retail space adjacent to Publix, as well as a freestanding pad site suitable for up to 4,800 square feet. Other tenants include Wave Ice Cream, Qwik Pack & Ship, El Jalisco Mexican Grill and Grand Nail Lounge.
CBRE Senior Vice President Richard Henry and Vice Chairmen Mike Ryan and Brian Linnihan, together with Director Taylor Crowder, represented the borrower.