February 14, 2020
JLL has arranged a $14.6 million loan to refinance Shops on the Circle, a 182,547-square-foot retail center in Dothan, AL.
Shops on the Circle is 95.6% leased to a roster of national and regional tenants, including TJ Maxx, PetSmart, Big Lots, Old Navy, Office Max, Five Below and Shoe Carnival. Situated on 16.69 acres at 3500 Ross Clark Circle, the retail center is at the intersection of Ross Clark Circle and Montgomery Highway.
Gregg Shapiro and Greg Gaughan of JLL represented the borrower, RCG Ventures LLC and DRA Advisors LLC, to place the 35-month, floating rate, non-recourse loan with lender Synovus bank. Proceeds will be used to refinance an existing loan used by the borrower to make property improvements since purchasing the retail center in 2014.
For comments, questions or concerns, please contact David Cohen