Friday, October 26, 2018

HFF announces $17.1 million acquisition financing for grocery-anchored Southern California retail center

Grand and Alosta Retail Center, Glendora, CA

Paul Brindley
LOS ANGELES, CA –  – HFF announces $17.1 million in post-acquisition financing of Grand and Alosta, a 70,811-square-foot, newly redeveloped, grocery-anchored retail center in the Southern California community of Glendora.

The HFF team worked on behalf of an institutional borrower to secure the seven-year, fixed-rate, full-term, interest only, non-recourse loan through a national life insurance company. 

 Additionally, the HFF team brokered the sale of this retail property to the borrower earlier in the year.

The Grand and Alosta retail center was redeveloped in 2018, which included an extensive physical renovation and upgrades to base building systems. 

Marc Schillinger
Anchored by Sprouts Farmers Market and Marshalls, the fully leased property is also home to Orangetheory Fitness, Mattress Firm, Oke Poke, Sherwin-Williams, The Coffee Bean, US Nail and Spa, Burgerim and Creamistry. 

 The center is situated on 6.22 acres at 655 South Grand Avenue at the intersection of Grand and Alosta Avenues (Route 66), which has a combined traffic count of 62,000 vehicles per day and is 0.4 miles from the 210 Freeway. 

More than 164,400 residents earning an average annual household income of $88,234 lives within a three-mile radius of Grand and Alosta. 

The HFF debt placement team representing the borrower included senior managing director Paul Brindley, managing director Marc Schillinger and associate Ryan Ash.

Ryan Ash
“We are glad to have procured such accretive financing for an outstanding property and best-in-class sponsor,” Schillinger said.  “There continues to be attractive financing for retail properties that have excellent tenant lineups that support strong local economies.  

"We were able to leverage HFF’s national platform and real-time financing data to procure the best possible financing solution for our client.”

Holliday GP Corp. ("HFF"), California Department of Real Estate License #01385740.       


CONTACTS:

PAUL BRINDLEY
CA Lic. #01173794
HFF Senior Managing Director
(310) 407-2100

MARC SCHILLINGER
CA Lic. # 01385740
HFF Managing Director
(310) 407-2100

KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420

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