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3/12/19
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Sterling Organization acquired Margarita Plaza, 76.8k sf, a grocery-anchored shopping center in Huntington Park, CA. The purchase was financed with a loan of $14.3 mil.
Margarita Plaza, located at 6920 Santa Fe Ave, east of Alameda St and north of Florence Ave, is anchored by Food 4 Less. The center is 93% occupied and comprised of four buildings.
There is a total of 22 in-line tenants. These include both national and regional tenants, such as Little Caesars Pizza, LA’s Auto Insurance, C&T Nail Salon, Santa Fe Family Dental Group and Jackson Hewitt. The property sits in an infill area with more than 1.1 million residents within a 5-mile radius and a traffic count of 54,000 cars passing through the intersection per day.
Shaun Moothart, Dana Summers, Doug Birrell, Bruce Francis, and Robert Ybarra of CBRE’s Debt and Structured Finance team arranged the financing. The seven-year, non-recourse fixed-rate loan is interest-only for the full term.
The Los Angeles retail sector is continuing its strength, buoyed by a wide spectrum of retail tenants, which propelled leasing activity in the fourth quarter, resulting in 150k sf of positive net absorption, according to CBRE research. Retail centers, boasting online-resistant, experiential offerings, including food, fitness and entertainment, have continued to perform well.
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