HFF closes $14.35 million sale of and secures $9.7 million financing for Southern California retail center
IRVINE, CA – April 14, 2015 – HFF announced today that it has closed the $14.35 million sale of and secured $9.7 million financing for San Marcos Civic Center Plaza, a 60,552-square-foot, LA Fitness-anchored retail and entertainment center in the Southern California city of San Marcos.
HFF sold the property on behalf of the seller, Saber SMCCP, LLC, and procured the buyer, Webb Management & Investments. HFF also secured the 10-year, fixed-rate loan on behalf of the new owner and will service the securitized loan. Additionally, HFF originally represented the seller and buyer when Saber SMCCP, LLC acquired the property in 2012.
Completed in 2008, San Marcos Civic Center Plaza is 97.1-percent leased to anchor LA Fitness, FedEx Kinko’s, Subway, Edward Jones Investments, Robek’s and Ryan Brothers Coffee. At the heart of the plaza is an outdoor courtyard seating area that doubles as an entertainment venue for the community with movies, cartoons and sporting events projected onto a large screen mounted to the exterior of LA Fitness’ building daily from dusk until 10 p.m. The courtyard also includes a stage for musical acts, an outdoor fire pit and water feature. The plaza spans 5.92 acres at 125-157 North Twin Oaks Valley Road in central San Marcos, a city 35.6 miles north of San Diego. It is adjacent to the San Marcos Civic Center and City Hall and walking distance to California State University at San Marcos, which has an enrollment of more than 12,000 students.
HFF associate director CJ Osbrink represented the buyer, and HFF senior managing director Ryan Gallagher represented the seller.
The HFF debt placement team representing the borrower was led by associate director Greg Brown and senior managing director Don Curtis.
“San Marcos Civic Center Plaza is a high traffic, well-performing asset with a strong anchor in LA Fitness and a complementary national tenant lineup,” Osbrink said. “This transaction is a prime example of HFF utilizing our multi-faceted platform to best service our clients and investors.”
About Webb Management & Investments, LLC
Founded in 2003, and headquartered in Orange County, Webb Management & Investments, LLC is a privately held owner and manager of real estate investments across various product types and in multiple markets.
HFF (Holliday Fenoglio Fowler, L.P.) 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.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.