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September 21, 2018
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SOUTHERN CALIFORNIA NEWS
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Smart & Final Inks Lease for First Two-Story Location in Huntington Park

3/07/18

Smart & Final has agreed to a 15-year lease for a new store in Huntington Park. The deal sets the stage for construction of the value-focused, warehouse-style grocery chainís first two-story Smart & Final store.

The property, at 7130 Mission Place and 3111 East Florence Avenue, is just south of Downtown Los Angeles, an area well-known for its vibrant culture. Smart & Final was actively seeking a new location in Huntington Park for several years. The new site sits within a five-mile radius of a densely populated neighborhood, home to more than 1 million people.

CBREís Jamie Brooks represented the landlord, a private real estate owner, and Shahin Adeli of CBRE Debt & Structured Finance arranged construction financing via a reverse build-to-suit lease. Shahin structured an $8 mil new loan to pay off the existing debt, provide cash-out at close, allow for reimbursement payments to be drawn from loan proceeds, and provide an additional $1 mil cash out to the landlord once the project is completed and certificate of occupancy received.

Smart & Final was responsible for obtaining building permits for the construction of the property. Brooks was able to resolve several challenges, including changing construction costs and extension of deadlines.

Consumer interest in discounted, off-price and low-priced goods has increased significantly in the wake of the 2008 recession. Spending has partially shifted toward lower-priced options across most categories and has benefited sectors such as discount markets and fast-casual restaurants. Despite the recovery of the overall economy, the U.S. consumer has retained interested in low prices and values, according to CBREís latest holiday retail report.






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