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10/26/18
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HFF arranged $17.1 mil in post-acquisition financing on Grand and Alosta, a 70.8k sf, newly redeveloped, grocery-anchored retail center in the San Gabriel Valley city of Glendora. The property was redeveloped in 2018, which included an extensive physical renovation and upgrades to base building systems.
Anchored by Sprouts Farmers Market and Marshalls, Grand and Alosta is fully leased. The property is also home to Orangetheory Fitness, Mattress Firm, Oke Poke, Sherwin-Williams, The Coffee Bean, US Nail and Spa, Burgerim and Creamistry.
The center is situated on 6.22 acres at 655 South Grand Ave, at the intersection of Grand and Alosta Avenues (Route 66), which has a combined traffic count of 62,000 vehicles per day and is 0.4 miles from the 210 Freeway. More than 164,400 residents earning an average annual household income of $88,234 lives within a three-mile radius of Grand and Alosta.
HFF’s Paul Brindley, Marc Schillinger and Ryan Ash secured the seven-year, fixed-rate, full-term, interest only, non-recourse loan through a national life insurance company. Additionally, the HFF team brokered the sale of this retail property to the borrower earlier in the year.
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