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6/01/17
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Quantum Capital Partners has arranged two separate CMBS loans totaling $50 mil from Wells Fargo Bank to refinance a Torrance community shopping center and four fully leased retail buildings in Beverly Hills.
In the larger of the two financings, Quantum arranged a $37 mil interest-only refi loan on The Shops at South Bay, a 200k sf shopping center in Los Angeles’ South Bay submarket. Built in 2005, The Walmart Super Store-anchored center is located at 19503 Normandie Ave, at W. 190th Street, two of the most traveled arteries in the area.
The Shops at South Bay is currently 96% leased to a variety of local and national chain retailers and restaurants including Lumber Liquidators, Dollar Tree, Quiznos, BJ’s Grill and Pho Kobe. Fast 5Xpress Car Wash will soon begin construction on its newest car wash facility after signing a long-term ground lease for a pad space at the northwest corner of the 20-acre shopping center. The car wash is expected to open in January 2018 and drive additional traffic to the center.
The loan features interest-only payments throughout the 10-year loan term. It was arranged by Quantum Capital Partners’ Max B. Mellman and Jonathan Hakakha on behalf of Azusa-based Ko Property Management.
“This Walmart is one of the nation’s top grossing locations and evidenced by this financing, the capital markets continue to favor strong performing anchored shopping centers located in densely-populated urban areas,” Mellman said. “Additionally, we have witnessed an increased appetite from both debt and equity providers for credit rated retailers with a strong and loyal following such as Walmart.”
Quantum also arranged a $13 mil loan on behalf of a Beverly Hills-based private investor operating as MC Ventures LLC to refinance four fully leased retail buildings. The properties are located on La Cienega Blvd in Beverly Hills, commonly referred to as restaurant row, because of the many upscale restaurants that line the boulevard. Tenants include restaurants Matsuhisa—Chef Nobu’s flagship restaurant, Fogo de Chao, Gyu-kaku along with beauty salon YUMILashes.
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