IRVINE, CA – HFF announced today that it has arranged $61 million in financing for The Shoppes at Chino Hills (top left photo), a 388,000-square-foot, trophy lifestyle center located in Chino Hills, California.
HFF worked on behalf of Chino Hills Mall LLC to secure the 5.2 percent, 10-year fixed-rate loan through Citigroup Global Markets Realty Corp.
The investment group purchased the property all cash in June 2010, in a sale also arranged by HFF, with the intention of securing financing after initial stabilization and definition of the merchandising and marketing direction.
The Shoppes at Chino Hills was originally developed by Opus West in 2008. Located at the intersection of Grand Avenue and Peyton Drive off the 71 Freeway in Chino Hills, The Shoppes at Chino Hills is part of a larger master-planned project that includes the Chino Hills Civic Center, Chino Hills City Hall, Chino Hills Police Station and the public library. The 90% leased property was designed by Altoon + Porter architects and is anchored by Forever 21, H&M, Trader Joes, Banana Republic, Victoria's Secret and Barnes & Noble.
Tim Sotoodeh, managing director for The Shoppes at Chino Hills stated that, “We are pleased to be seeing sale increases and overall performance that far exceeded expectations.”
Sotoodeh added, “HFF understood the strengths of the project and Citigroup’s participation is a further endorsement.”
The HFF team representing the borrower included associate director Charles Halladay (middle right photo) and senior managing director Don Curtis (lower left photo).
Contacts:
Charles Halladay, HFF Associate Director, (949) 253-8800, challaday@hfflp.com
Judi Lapin, for The Shoppes at Chino Hills, Lapin Consulting Group, (949) 261-1177, jlapin@lapincg.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
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