$32-Million Financing Secured for Los Angeles’ Crenshaw Plaza
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JLL Capital Markets facilitates loan for grocery-anchored center
JLL Capital Markets announced that it has secured a $32-million senior financing for Crenshaw Plaza, a 146,901-square-foot grocery-anchored retail center located in Los Angeles, California.
JLL represented the borrower, a joint venture between the principals of 21 Alpha Group and Intelligent Design Real Estate, in arranging the three-year, floating-rate loan through Forbright Bank.
Crenshaw Plaza is strategically located at 3210 W. Slauson Ave., at the intersection of West Slauson Ave. and Crenshaw Blvd., which sees a combined traffic volume of over 72,000 vehicles per day. The property is also adjacent to the Hyde Park Station on the new Metro Rail System, providing excellent accessibility.
Originally built in 1967 and renovated in 2004, Crenshaw Plaza is currently 97% leased. The property is anchored by a new 15-year lease with Vallarta Supermarkets, occupying 31.5% of the gross leasable area. Other major tenants include Planet Fitness, Foot Locker and AutoZone. The center boasts a diverse tenant mix and a weighted average lease term of 9.3 years.
The loan proceeds will be used to refinance the existing loan, cover closing costs and fund future leasing expenses.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Director Spencer Bergthold, Senior Managing Director Charles Halladay and Associate Daniel Skerrett.
“Crenshaw Plaza represents an attractive retail financing opportunity in a dynamic and rapidly growing Los Angeles submarket as demonstrated by the asset’s significant leasing velocity in recent months,” Bergthold commented. “The property’s strong anchor tenancy, diverse rent roll and strategic location adjacent the Hyde Park Metro Rail Station made it an appealing lending opportunity that resulted in significant competition. Forbright Bank’s loan terms aligned well with the borrower’s strategic business plan for the asset, and they performed exceptionally well throughout the process.”
