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January 18, 2022
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Pico Rivera Retail Center Lands $23 Mil in Financing for Renovation Work


Crossroads Plaza Shopping Center, a 140.2k sf, grocer shadow-anchored retail center in Pico Rivera, is about to undergo a significant renovation that will include the construction of an additional 12k sf of shop space. The work is being funded by a $23 mil construction loan.

Crossroads Shopping Center is located at 9050-9200 Whittier Blvd, at the signalized intersection of Whittier and Rosemead Boulevards, which together have daily traffic counts of more than 60,000 vehicles. The 10.35-acre site is positioned 13 miles southeast of downtown Los Angeles in a growing area of the city that offers numerous local shopping and entertainment options. Additionally, Crossroads Shopping Center is close to numerous local freeways, including the 605, 5 and 60, providing connectivity to the greater Los Angeles metro.

Originally built in 1988, Crossroads Shopping Center is undergoing redevelopment to replace a 100k sf Home Depot whose lease terminated in 2019 after 30 years. The building has been leased to three national soft goods retailers yet to be announced. The center is shadow anchored by Superior Grocery, one of the largest independent grocery store chains in Southern California.

John Marshall with JLL Capital Markets worked on behalf of the borrower, Crossroads Plaza Limited Partnership and its developer, TRF Pacific LLC, to secure the loan through a regional bank.

“TRF Pacific assembled a highly coveted rent roll with national retailers to backfill 100k sf of vacant box space, with brand-new shop space tenants that are leasing up now,” Marshall said. “The debt markets recognized TRF’s significant West Coast retail track record and the durability of discount box retailers, which resulted in multiple, attractive offers from lenders that fully funded all future project costs. Based on JLL’s closings over the past six months, retail debt markets are back in full force for urban & suburban shopping centers in top 15 MSAs.”

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