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4/24/17
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CBRE Capital Markets’ Debt and Structured Finance team has arranged loans totaling more than $24.6 mil for the acquisitions of three Southern California retail centers in separate transactions. The properties include Cypress Center in Cypress, Pacific Plaza in Ontario, and Shops at Topaz in Hesperia.
CBRE’s Shaun Moothart, Bruce Francis, Dana Summers, Robert Ybarra and Doug Birrell arranged the financings. According to Moothart, they continue to see borrowers who favor fixed-rate financing with a strong preference for prepayment flexibility.
The 46k sf Cypress Center, located at 6847-6947 Katella Ave in Cypress, is a Target shadow-anchored multi-tenant shopping center. The property was 95% occupied by such tenants as Chipotle, Anytime Fitness, Massage Envy and others.
CBRE arranged $13 mil in acquisition financing on behalf of a Los Angeles-based investment company. The 10-year, fixed rate loan with a 30-year amortization schedule was funded though a life company.
Pacific Plaza, a multi-tenant shopping center shadow anchored by a 24-hour Fitness, is located at 2598 South Archibald Ave in Ontario. Built in 1989, the space consists of 18.1k sf of rentable space divided into 10 spaces that range from 1k sf to 5.9k sf. It was 100% occupied at time of closing. Current occupants include, Bank of America, Century 21, Pizza Hut and other local retailers.
CBRE arranged $5.11 mil in acquisition financing for a Northern California-based investor. The five-year, fixed-rate loan was obtained through a regional bank.
Shops at Topaz, located at 14073 Main St in Hesperia, is a multi-tenant retail shopping center anchored by 99 Cents only and totaling 30k sf. The 12-tenant center, which houses tenants such as Little Caesars Pizza, Desert Smoke, Sky Nails and Pino Loca, was 96% occupied at time of closing.
CBRE arranged $6.5 mil in acquisition financing on behalf of a Los Angeles-based investor. A regional bank funded the seven-year, fixed-rate loan.
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