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November 26, 2014
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The Foto Finisher

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Foreign Investor Goes Retail Shopping in Playa Vista


Here’s news of an interesting retail investment deal from LA’s Westside, as an unnamed foreign investor has purchased The Shops at Concert Park, a portfolio of two 100 percent-leased retail condominium shopping centers in Playa Vista. The centers are the 11.8k sf Pacific Promenade and the 10.9k sf Seabluff Drive. The total sales price for the two centers is $16.9 mil, which equates to a healthy $743/sf.

Both shopping centers are situated on the ground floors of mixed-use developments with 179 condominiums above each one. The Pacific Promenade shopping center is located at 13020 Pacific Promenade in Playa Vista, and is home to national tenants Bank of America, Coffee Bean and Race Telecommunications. Local tenants include Piknic, Sweet Fish Sushi Bar, Yoga Vista and Hollyway Cleaners.

Located on the corner of Seabluff Dr and Runway Dr in Playa Vista, the Seabluff Drive shopping center features a mix of retailers that includes Playa Vista Medical Center, Playa Pilates, Coldwell Banker, McClintock Dental Group, Pinkberry and Fresh Market. Many of the tenants’ leases expire in 2018 and all tenants have an excellent operating history at this location. Most of the retailers have been at the center since its construction in 2007.

Brandon Michaels, a vice president investments, and Janette Monfared, an associate, both in Marcus & Millichap’s Encino office, represented the seller, an affiliate of Brookfield Residential. Sharone Sabar, a vice president capital markets in MMCC’s Encino office, arranged $10.8 mil in CMBS financing.

“All leases are triple-net, with a majority of them having solid term remaining,” adds Monfared. “Most of the tenants have occupied the center since its construction in 2005.”

“The buyer obtained nonrecourse CMBS debt at 65 percent loan to value,” says Sabar. “The 10-year interest rate is fixed at 4.9 percent. The complexity of the offering presented some financing challenges, all of which MMCC overcame.”

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