Los Angeles – CBRE Capital Markets’ Debt & Structured Finance team has arranged the refinancing of two neighborhood retail centers in Southern California, totaling $31 million.
Westlake Village Marketplace, in Westlake Village, Calif., was refinanced with an $18 million loan, and Aliso Viejo Plaza, in Aliso Viejo, Calif. was refinanced with a $13 million loan.
Sharon Kline and Marina Massari of CBRE’s Newport Beach office arranged the ten-year loans, both with full term interest only, on behalf of Cantor Commercial Real Estate, a division of Cantor Fitzgerald.
“Both shopping centers had a long history of excellent sales,” said Kline. “However, because each center was shadow-anchored – meaning that all or some of the anchor tenants were not part of the security – and even though both loan requests were low leverage, it eliminated life companies from competing for the transactions – which is why we sought a CMBS execution.”
Westlake Village Marketplace, located at 5752 Lindero Canyon Road, consists of 74,186 square feet of rentable space and was built in 1998. The mall is anchored by Michaels and Staples and features a strong lineup of national, credit, and regional tenants, including Chase Bank, Chipotle, Panera, and Panda Express, among many others. The center is shadow-anchored by Smart & Final, Dollar Tree and PetSmart.
Aliso Viejo Plaza, located at 26852 La Paz Road, consists of 35,800 square feet of rentable area and was built in 1987. Tenants also include national, regional, and local businesses such as Starbucks, UPS Store, Massage Envy, and Baskin Robbins. The center is shadow-anchored by Target and Stater Bros.
Westlake Village Marketplace, in Westlake Village, Calif., was refinanced with an $18 million loan, and Aliso Viejo Plaza, in Aliso Viejo, Calif. was refinanced with a $13 million loan.
Sharon Kline and Marina Massari of CBRE’s Newport Beach office arranged the ten-year loans, both with full term interest only, on behalf of Cantor Commercial Real Estate, a division of Cantor Fitzgerald.
“Both shopping centers had a long history of excellent sales,” said Kline. “However, because each center was shadow-anchored – meaning that all or some of the anchor tenants were not part of the security – and even though both loan requests were low leverage, it eliminated life companies from competing for the transactions – which is why we sought a CMBS execution.”
Westlake Village Marketplace, located at 5752 Lindero Canyon Road, consists of 74,186 square feet of rentable space and was built in 1998. The mall is anchored by Michaels and Staples and features a strong lineup of national, credit, and regional tenants, including Chase Bank, Chipotle, Panera, and Panda Express, among many others. The center is shadow-anchored by Smart & Final, Dollar Tree and PetSmart.
Aliso Viejo Plaza, located at 26852 La Paz Road, consists of 35,800 square feet of rentable area and was built in 1987. Tenants also include national, regional, and local businesses such as Starbucks, UPS Store, Massage Envy, and Baskin Robbins. The center is shadow-anchored by Target and Stater Bros.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
