$83.2 million financing secured by HFF for super regional mall near Los Angeles
NEWPORT BEACH, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $83.2 million in first lien financing for South Bay Pavilion, a 1.2 million-square-foot super regional mall in the Los Angeles-area community of Carson, California.
HFF worked on behalf of the borrower, Vintage Real Estate, to secure the three-year, floating-rate loan through PCCP. The loan is being used to continue the borrower’s redevelopment, repositioning and expansion plan for the mall.
The 95-percent-leased South Bay Pavilion is home to more than 60 tenants, including a new state-of-the-art, 14-screen Cinemark Theatre; Ikea; Old Navy; Olive Garden; Buffalo Wild Wings; Big 5 Sporting Goods; Panera Bread; 24 Hour Fitness; Chili's Grill & Bar and The Children’s Place along with shadow tenants Sears, JCPenney and Target. The current expansion plan includes adding several new fashion and restaurant tenants. Located at 20700 Avalon Boulevard midway between Los Angeles and Orange County, South Bay Pavilion is at the intersection of four major freeways, Interstates 405, 110 and 710 and State Road 91, with direct visibility from more than 300,000 vehicles per day. The location serves more than 2.5 million people and receives foot traffic from nearby StubHub Center and the California State University Dominguez Hills campus.
The HFF debt placement team representing the borrower was led by managing director James Fowler.
”Vintage Real Estate has done an excellent job renovating South Bay Pavilion over the past few years, bringing a number of new tenants to the center, including Cinemark Theatre and several new restaurants and other specialty retailers,” Fowler said. “Vintage Real Estate continues to further renovate and expand the mall. It is quite an exciting project.”
About Vintage Real Estate
Vintage Real Estate acquires and redevelops underperforming malls and large shopping centers throughout the United States. The firm is managed by a highly-experienced retail team, whose members come from some of the most significant mall and shopping center investors and operators in the industry. These successful and experienced executives bring an institutional discipline coupled with the entrepreneurial flexibility and responsiveness to provide innovative solutions for a wide variety of real estate investment opportunities. For more information, visit www.vintage-vre.com.
About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $5.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $10.5 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.