TIAA (formerly TIAA-CREF) has provided a $320 million acquisition loan on the 1.3 million sq ft Country Club Plaza mixed-use property in Kansas City, Missouri, Real Estate Capital has learned.
The company provided the 10-year, fixed rate mortgage to a joint venture between real estate investment trusts Macerich Company and Taubman Centers, who purchased the open-air retail and office center for $660 million.
Ted Norman, senior director and head of commercial mortgage originations at TIAA Global Real Estate, noted that the company has a long history financing the property, having placed a loan on it nearly 70 years ago in 1948.
“That was the first loan on a shopping mall in our portfolio ever,” he said. “We are very pleased to have the asset back in our portfolio. The deal was a great opportunity to work with Macerich and Taubman again, who have been borrowers of TIAA for many years, he added.
Originally constructed in 1922, the 15-block mixed-use retail and office property is located at 4750 Broadway Street in the heart of Kansas City. The retail portion includes 804,000 sq ft of gross leasable area, made up of restaurants and retailers including the Apple Store, H&M, Tesla Motors, Lululemon, The Capital Grille and The Cheesecake Factory. The 500,000 sq ft office portion of the property includes the 10-story Valencia tower, which serves as the global headquarters of Lockton Companies, and additional office space above the ground-level retail.
Earlier this week, TIAA also received a $184 million mortgage on a 33-story at 701 Brickell Avenue office tower in Miami, Florida.
The Macerich Company has owned or had an ownership interest in 51 shopping centers totally approximately 55 million sq ft of gross leasable space as of December 31, 2015, according to the trust’s most recent SEC filing. Taubman Centers owns, manages or leases 24 shopping centers in the U.S. and Asia.
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