AdVenture Champion Partners has secured $73.5 million in refinancing for McCandless Crossing, a 387,771-square-foot lifestyle retail center located in McCandless, Pa.
McCandless Crossing is positioned along McKnight Road, Pittsburgh’s dominant retail corridor, which experiences more than 65,000 vehicles per day. The open-air, mixed-use center features a diverse mix of national, regional and local tenants providing daily-needs and destination retail offerings. Major tenants include Lowe’s Home Improvement, TJ Maxx, Trader Joe’s, HomeGoods and Sierra Trading Post, along with a robust lineup of restaurants and service retailers.
The property is 99 percent leased, with a 5.7-year weighted average lease term, providing a stable income stream and staggered rollover risk. Recent leases signed with TJ Maxx and Sierra Trading Post demonstrate continued demand from the highest quality national retailers.
JLL worked on behalf of the borrower in securing the five-year
