|
5/26/21
|
Midtown Shopping Center, a 216.8k sf shopping center anchored by Ralphs in Los Angeles, has been refinanced with a new loan for $63.78 mil. The center is located at the junction of Venice Blvd, West Pico Blvd and San Vicente Blvd, near Lafayette Square, the property is centrally located within a vibrant trade area benefiting from a population of nearly 500,000 within three miles.
Midtown Shopping Center is located on a 14.5-acre parcel in the high-barriers-to-entry Mid-City submarket of Los Angeles. The property is anchored by Ralphs, the largest subsidiary of Kroger and a popular Southern California-based supermarket chain. At 88% leased, the seven-building center is also home to major national tenants including Living Spaces, Planet Fitness and CVS.
Marc Schillinger and Director Keith Rosso with JLL Capital Market, along with Matthew Friedman of Hancock Real Estate Strategies, arranged the five-year, floating-rate loan through LoanCore Capital. Loan proceeds were used to pay off existing debt and return equity to the borrower.
“This transaction highlights that low interest rates are still available for large retail assets in urban in-fill locations, even though many properties and lenders have been impacted by the pandemic,” Schillinger said. “The long-term occupancy history at Midtown Shopping Center coupled with the strength of ownership allowed us to identify a loan option with an all-in interest-rate at or below what was available prior to the pandemic.”
|
|
Return to the Archive page
|
|
|
|
|