HFF secures $66 million refinancing for Los Angeles-area power center
LOS ANGELES, CA – July 25, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $66 million refinancing for Plaza 183, a 360,875-square-foot, open-air, destination retail center in the Los Angeles-area community of Cerritos, California.
HFF worked on behalf of the borrower, Cerritos Retail CenterCal LLC, to secure 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.
Plaza 183 began an extensive renovation in 2014, most of which was completed in 2015 with more renovation planned to commence this year. 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. Located at 11101-11263 183rd Street and 17970 Studebaker Road, 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 Freeway and two blocks south of Highway 90. Plaza 183 is exposed to more than 244,000 vehicles per day due to its frontage along the 605 Freeway.
The HFF debt placement team representing the borrower was led by Paul Brindley, Eric Tupler and Steven Paskover.
About CenterCal Properties, LLC
CenterCal Properties, LLC and its affiliates (CenterCal), the managing member of the borrower, founded in 2004 by Fred Bruning and Jean Paul Wardy, is a full-service commercial real estate company that’s in the business of investing, developing, leasing, and managing its projects. CenterCal excels in, and is best known for creating destinations throughout the western United States with a unique strategy of “place-making,” which emphasizes the importance of developing spaces with a sense of community. Fred and Jean Paul’s creative vision and development passion coupled with CenterCal’s internal expertise is evident in the properties that CenterCal owns and operates today, which includes Bridgeport Village, Cascade Station, Nyberg Woods and Nyberg Rivers in Oregon, Valley Mall and The Trails at Silverdale in Washington, Station Park in Utah, The Village at Meridian and Treasure Valley Marketplace in Idaho, Blackhawk Plaza in Northern California, and The Collection at Riverpark and Plaza 183 in Southern California. Projects currently under development include The Village at Totem Lake and the Ballard project in Washington, Canyon Corners and Riverton in Utah and in California, The Veranda in Concord and The Waterfront in Redondo Beach. For more information on all of CenterCal’s properties, please visit www.centercal.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $69.9 billion in commercial real estate assets*. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
*As of Jun. 30, 2016.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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.