G.S. Wilcox & Co. has successfully arranged $18.9 million in combined financing for two major retail properties located in Greensboro, North Carolina, and Richmond, Virginia. The financing was secured on behalf of a New Jersey-based borrower for assets anchored by the regional grocery staple, Food Lion.
The deal was spearheaded by the firm’s leadership team, including Partners Bridget Wilcox and Wesley Wilcox, alongside Associate Producer Will Gallagher. The capital was sourced through two of the firm’s correspondent life insurance companies.
The financing covers two high-performing retail hubs in the Southeast:
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Greensboro, NC: A $7.7 million acquisition loan was secured for a 151,000-square-foot property. The asset, comprising two buildings, is nearly fully occupied and situated near Route 70. The loan features a five-year term with a highly attractive interest rate.
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Richmond, VA: An $11.2 million loan was arranged for a three-building, 112,000-square-foot property. This asset is currently 100% occupied. The financing follows significant capital improvements by the borrower and a long-term lease extension recently executed with Food Lion.
The successful closing of these loans highlights a resilient appetite for grocery-anchored retail in the Southeast.
“Both transactions signal continued growth and investment in the retail market in the Southeast,” Bridget Wilcox said in a prepared statement. “It was a pleasure working with both the borrower and lender to get these transactions across the finish line.”
