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| Girard Plaza, La Jolla, CA |
SAN DIEGO, CA – HFF announced today that it has secured a
$12 million refinancing for Girard Plaza, a 30,000-square-foot retail
center in La Jolla, California.
Working exclusively on behalf of the borrower, ColRich
Investments, HFF placed the 10-year, fixed-rate loan with a correspondent life
insurance company. HFF has successfully
represented ColRich Investments in residential, commercial and multi-housing
financings over the past eight years.
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| Aldon Cole |
Girard Plaza is located at 7830 Girard Avenue in the center of the La
Jolla Village, which is about 12 miles northwest of downtown San Diego and is
internationally known as a “high-end resort destination”. The two-building property is fully leased to
tenants including Banana Republic, Gap, Lululemon and Polo.
The
HFF team representing ColRich Investments was led by managing director Aldon
Cole.
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| La Jolla Village, La Jolla, CA |
“The loan included a six-month forward rate lock at the
request of the client, who wanted to remove interest rate risk coming into the
election.
"We were pleased with the
execution and that we were able to attract very compelling terms from a life
company on a non-recourse basis on un-anchored strip retail. The lender recognized the strength in the
sponsorship and their long-term strategy on the asset,” said Cole.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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