Tuesday, October 7, 2014

Belmont Shopping Center, Long Beach, CA

 IRVINE, CA  – HFF announced today that it has arranged a $15.5 million financing for Belmont Shopping Center, a 112,302-square-foot, grocery-anchored retail center in Long Beach, California.

               HFF worked exclusively on behalf of the borrower, Westwood Financial Corp., to secure the 4.14-percent, 15-year, fixed-rate loan through a correspondent life company relationship.

 HFF is also servicing the loan, which will be used to retire existing debt.

Belmont Shopping Center is situated on 7.19 acres at the intersection of Anaheim Street and Redondo Avenue, less than a mile south of Highway-1 (Pacific Coast Highway). 

Kevin MacKenzie
The Pacific Ocean is approximately 1.5 miles south of the center, and the Interstate-405 freeway is approximately 1.7 miles north of the property. 

The center’s anchor tenant – Food 4 Less – was one of the first stores in the country that was remodeled under a special rebranding and remerchandising program initiated by Cincinnati-based Kroger in late 2013. 

The center is 95.9 percent leased.  McDonald’s and Payless Shoe Source are other notable tenants. 

The HFF team representing the borrower was led by senior managing director Kevin MacKenzie, associate director Greg Brown and real estate analyst John Jo.

Westwood Financial Corp.’s portfolio strategy focuses on the acquisition of top quality, neighborhood oriented retail properties with exceptional long term value.  

Belmont is an excellent example of a property that has been a staple of retail in the Long Beach community for many years, and has increased its influence with recent leasing and the conversion of its supermarket brand to Food 4 Less, which close to doubled sales after only one year.

Greg Brown
 Locking in 15 years of fixed rate financing at today’s low interest rates will allow the property to maximize cash flow and create exceptional returns for years to come.

For more than forty years, investors have turned to Westwood Financial Corp. for proven returns on strategic real estate investments. 

Under the direction of founders Howard S. Banchik and Steven J. Fogel, the company has successfully acquired and sold hundreds of income-producing properties, generating substantial profits for its partners. 

In the process, Westwood Financial Corp. has earned a reputation and longevity that is unparalleled in the shopping center world. 

Westwood Financial Corp. continues this tradition today with a staff of more than 60 retail experts directing a portfolio of more than 115 shopping centers in 17 states and 26 metropolitan markets. 

Westwood Financial Corp. is fully integrated in asset management, property management, leasing and acquisition efforts from our Los Angeles headquarters and regional offices in Dallas, Atlanta and Scottsdale, Arizona.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com




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