Sold: 67,000-SF Pflugerville West Shopping Center

PFLUGERVILLE – Los Angeles-based portfolio lender Thorofare Capital has funded a $7.7 million floating rate commercial mortgage for the acquisition of Pflugerville West Shopping Center, a 67,150-sf retail center at 15424 FM 1825.

The sponsor, a Virginia-based private investor, acquired the property in a marketed transaction for $131 per sf, representing a going-in cap rate of 9.5 percent, according to Thorofare’s executive vice president of origination, Felix Gutnikov, who structured and negotiated the financing. 

Pflugerville West Shopping Center, which was originally constructed in 1998 and expanded in 2006, is currently shadow-anchored by Plano-based Cinemark.

The property was 89 percent occupied by nine tenants at the time of closing.

The center is anchored by Ashley Furniture Homestore, which occupies approximately 58 percent of the net rentable square footage.