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2/23/17
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Euclid Plaza LLC has obtained a $25 mil loan on Stater Bros. Plaza, a 73.6k sf retail center in Chino. Built in 2008, Stater Bros. Plaza was 96% leased at the time of the financing. In addition to Stater Bros., tenants include Sprint, Subway and others.
The financing was provided by Buchanan Street Partners. Euclid Plaza was repped in the transaction by CBRE’s Marina Massari and Sharon Kline.
“This is a contemporary, top-performing grocery-anchored shopping center offering a range of services and restaurants in an affluent section of Chino Valley,” said Matthew Doerr, vice president at Buchanan Street Partners. “We were attracted to this financing opportunity due to its secure in-place cash flow, strong tenant sales per square foot, diverse mix of internet-resistant retail tenants and significant amount of residential growth planned for the area.”
The immediate neighborhood is expected to add 48,000 single-family and apartment homes, 12 schools and 5 msf of industrial development. Stater Bros. Plaza, with the ability to add another 21.3k sf of retail development, is expected to benefit from the growing residential base in the area.
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