SAN DIEGO, CA – HFF announced today that it has secured a $16 million refinancing on behalf of Kimco Income Operating Partnership, L.P., an affiliate of Kimco Realty Corp. (Kimco), for Montebello Town Square (top left photo), a 252,000-square-foot, Class A retail power center in eastern Los Angeles.
HFF worked exclusively for Kimco, the nation’s largest community shopping center owner and operator, to refinance existing debt on the retail center and to secure a 10-year, fixed-rate securitized loan at a substantially lower interest rate with Deutsche Bank.
Montebello Town Square is located eight miles east of downtown Los Angeles off the Pomona Freeway at Montebello Boulevard. The retail center serves a residential population of nearly 218,000 within a three-mile radius, with a median household income of $52,000.
The center is 98 percent leased, and is anchored by AMC Theaters, Petco, Sears, Toys “R” Us and Prime Cut. Kimco operates the center, which is owned by the Kimco Income REIT joint venture partnership.
The HFF team representing Kimco was led by associate director Zach Koucos (middle right photo) and managing director Robert Delitsky
Contacts:
ZACHARY KOUCOS
HFF Associate Director
(858) 552-7690
KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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