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9/16/20
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Gerrity Group acquired University Promenade, a 74.8k sf retail shopping center in Azusa. Although we don’t have the purchase price, we can tell you that the buy was financed with a $7.56 mil acquisition loan.
Located at 900-962 East Alosta Ave, the center was originally built in 1984 on a 5.6-acre lot. The gym-anchored retail center is also home to national and regional tenants including Chick-Fil-A, Five Guys and Yogurtland.
The property is located across the street from both Azusa Pacific University and Citrus College, two colleges with a combined enrollment and staffing of approximately 32,000. More than 42,000 cars per day pass by the property along Alosta Avenue and Citrus Avenue. The retail center is less than one mile from I-210, a major freeway that connects Azusa to Los Angeles and the Inland Empire.
Mark McGovern, Morgon Fraser and Colby Matzke of CBRE Capital Markets’ Debt & Structured Finance team arranged the three-year fixed-rate loan on behalf of the San Diego-based buyer. The loan was funded through a life insurance company.
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