JLL Capital Markets has arranged $150 million in financing for Bay Terrace Shopping Center, a premier grocery-anchored shopping center located in the Bayside neighborhood of Queens. JLL worked on behalf of the borrower, Cord Meyer Development, to secure the loan through New York Life Real Estate Investors.
Bay Terrace is a 326,445-square-foot retail destination situated at the intersection of 26th Avenue and
Bell Boulevard. The property is currently approximately 90% leased and anchored by Stop & Shop, with a mix of national and investment-grade tenants including HomeGoods, AMC Theatres, Bank of America, JPMorgan Chase, Sephora and LA Fitness.
Originally developed in the 1960s, the center has long served as a dominant retail hub in Northeast Queens. Cord Meyer has recently invested significant capital to enhance the asset, including façade upgrades, new signage, improved pedestrian circulation and a “Restaurant Row,” with additional improvements planned.
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