Thorofare Capital has funded a $7,200,000 loan for the Acquisition, CapEx, & TI/LC financing for a retail community center located in Puyallup, WA. The Borrower acquired the Property from a CMBS special servicer through an auction platform, and will capitalize the acquisition of the Property and landlord’s obligations associated with the delivery of white box spaces for Hobby Lobby and Harbor Freight.

The Property was delivered vacant at the time of closing, but the Borrower had two tenants-in-tow, Hobby Lobby and Harbor Freight, for 100% of the net rentable area of the Property. Hobby Lobby is a private company with $4.3 billion in revenue and 28,000 employees, and Harbor Freight Tolls is a private company with $3.4 billion in revenue and 17,000 employees.

The Property includes 429 parking stalls (5.64/1,000 SF) and is adjacent to south Hill Mall along the main retail corridor in Puyallup, WA. Per CoStar’s 2017 Q3 Retail report, vacancy for retail properties within this submarket is 4.0%.

The sponsor is a privately-held Los Angeles-based investor with a large portfolio of office, retail and multifamily assets throughout California and Pacific Northwest.