CBRE Facilitates $15 Million Refinancing for New Publix-Anchored Shopping Center in Birmingham Metro

CBRE has facilitated a $15 million loan to refinance Cahaba Crossing, a newly built 67,874-sq.-ft. shopping center anchored by Publix in Irondale, Alabama.

Richard Henry, Mike Ryan, Brian Linnihan and JP Cordiero with CBRE Debt & Structured Finance in Atlanta secured the loan on behalf of the sponsor, Halvorsen Holdings and Ezon, Inc. Carmel, Indiana-based 40|86 Advisors provided the five-year fixed-rate, full term interest-only loan.

Completed in 2023, the shopping center is located at 1288 Grants Mill Road. It is 100% occupied by 10 tenants and anchored by Publix, which opened its 48,837-sq.-ft. prototype store in November 2023. The remaining tenant mix includes best-in-class retailers including UPS, Starbucks, and Heartland Dental. The property sits on a 9.8-acre site with 342 parking spaces and a 1.45-acre outparcel for future development.

“This was a highly competitive process driven by excellent real estate with strong market fundamentals and pristine sponsorship” said Richard Henry, a Senior Vice President with CBRE in Atlanta. “We know Cahaba Crossing will continue to be a huge success and we thank 40|86 for another flawless execution.”

Positioned at the intersection of Grants Mill and Old Leeds roads, the property serves going-home commuters on I-495 and I-20, which see over 134,000 vehicles per day. The population within one mile of the property has grown over 25% since 2020 and is expected to grow by 13% before 2028, according to CBRE.