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3/29/17
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HFF has arranged a $12.6 million refi loan on 3202-3212 Wilshire Boulevard, a 28k sf, 100%-occupied retail building with subterranean parking in Santa Monica. The borrower is a local family office advised by The Luzzatto Company Inc.
Constructed in 1996, 3202-3212 Wilshire Blvd is situated on 0.67 acres between Franklin St and Centinela Ave. It is fully occupied by CVS Pharmacy and BevMo.
The one-story retail building has a partial subterranean garage and a total of 77 parking stalls. The property is in one of the most affluent areas in greater Los Angeles County, with 23,043 households earning an average annual household income of $108k live within a one-mile radius of the property.
HFF’s Jeff Sause, Paul Brindley and Ryan placed the non-recourse, fixed-rate loan with a correspondent life insurance company. Loan proceeds were used to supplement the borrower’s planned long-term hold of the asset in its core portfolio.
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