Monday, November 5, 2012

HFF secures $12 million refinancing for La Jolla, CA retail center



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.


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.

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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