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7/26/16
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HFF has arranged $66 mil in refi money for Plaza 183, a 360.9k sf, open-air, destination retail center in the SoCal city of Cerritos. The borrower, Cerritos Retail CenterCal LLC, initiated an extensive renovation of Plaza 183 in 2014, most of which was completed in 2015, with more additional work still planned to commence this year.
Located at 11101-11263 183rd St and 17970 Studebaker Rd, the destination center is in an infill location in the heart of Cerritos, a community midway between downtown Los Angeles and the business centers of Irvine, Santa Ana and Anaheim, just off the 605 Fwy and two blocks south of Hwy 90.
Currently more than 97 percent leased, the 11-building power center is home to national tenants, including Burlington Coat Factory, Nordstrom Rack, Saks Off Fifth, T.J. Maxx, Buffalo Wild Wings, Guitar Center, Olive Garden, Old Navy, Off Broadway, Jersey Mike’s, Lane Bryant, Burlington Coat Factory and 24-hour Fitness.
HFF’s Paul Brindley, Eric Tupler and Steven Paskover arranged the 10-year, fixed-rate loan with Principal Life Insurance Company. Principal Real Estate Investors advised the lender in the transaction. Loan proceeds are being used to refinance the original acquisition/renovation financing.
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