Eastern Union secures $12.9675 million financing toward acquisition of 174,078 s/f shopping center in Lima

Lima, OH Eastern Union arranged $12.9675 million in financing toward the acquisition of Lima Center, a 174,078 s/f shopping center. The purchase price for the center was $19.5 million.

The Eastern Union team included managing director Jack Beida, senior managing director Michael Muller and commercial loan analyst Mike Orlik.

Anchored by an 86,584 s/f Kohl’s and a 30,000 s/f TJ Maxx, Lima Center houses 10 retail tenants. The property’s multi-tenant building was built in 1978, the Kohl’s building was constructed in 2002, and TJ Maxx was built in 2005. Lima Center occupies a 22.55-acre parcel and has 1,438 parking spaces.

Eastern Union secured a seven-year, fixed-rate mortgage. The borrower was Lima Tov, LLC. The lender was not identified.

“This top-tier retail asset meets every benchmark for quality and stability,” said Beida. “Lima Center has 100% occupancy and is 98%t leased to such major, nationally recognized retailers as Kohl’s, TJ Maxx, Five Below and Dollar Tree.

“With 1.9 million annual visits and long-term property stability, Eastern Union was able to secure our optimal bank financing on behalf of our client.”

Eastern Union has financed more than $1 billion in the state of Ohio and maintains a substantial presence in the Midwest.

With a population of more than 35,000 residents, Lima is located in northwestern Ohio. The county seat of Allen County, the city’s economy is diverse, with a range of industries, including healthcare, education, and manufacturing.