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| Belmont Shopping Center, Long Beach, CA |
IRVINE, CA – HFF announced today that it has arranged a $15.5 million financing for Belmont Shopping Center, a 112,302-square-foot, grocery-anchored retail center in Long Beach, California.
HFF
worked exclusively on behalf of the borrower, Westwood Financial Corp., to
secure the 4.14-percent, 15-year, fixed-rate loan through a correspondent life
company relationship.
HFF is also servicing the loan, which will be used to retire existing debt.
HFF is also servicing the loan, which will be used to retire existing debt.
Belmont Shopping Center is situated on 7.19 acres at the
intersection of Anaheim Street and Redondo Avenue, less than a mile south of
Highway-1 (Pacific Coast Highway).
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| Kevin MacKenzie |
The Pacific Ocean is approximately 1.5 miles south of the
center, and the Interstate-405 freeway is approximately 1.7 miles north of the
property.
The center’s anchor tenant – Food 4 Less – was one of the
first stores in the country that was remodeled under a special rebranding and
remerchandising program initiated by Cincinnati-based Kroger in late 2013.
The center is 95.9 percent leased. McDonald’s and Payless Shoe Source are other notable
tenants.
The HFF team representing the borrower was led by senior
managing director Kevin MacKenzie, associate director Greg Brown
and real estate analyst John Jo.
Westwood Financial Corp.’s portfolio strategy focuses on the
acquisition of top quality, neighborhood oriented retail properties with
exceptional long term value.
Belmont is
an excellent example of a property that has been a staple of retail in the Long
Beach community for many years, and has increased its influence with recent
leasing and the conversion of its supermarket brand to Food 4 Less, which close
to doubled sales after only one year.
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| Greg Brown |
Locking in 15 years
of fixed rate financing at today’s low interest rates will allow the property
to maximize cash flow and create exceptional returns for years to come.
For more than forty years, investors have turned to Westwood
Financial Corp. for proven returns on strategic real estate investments.
Under the direction of founders Howard S. Banchik and
Steven J. Fogel, the company has successfully acquired and sold hundreds
of income-producing properties, generating substantial profits for its
partners.
In the process, Westwood Financial Corp. has earned a
reputation and longevity that is unparalleled in the shopping center
world.
Westwood Financial Corp. continues this tradition today with
a staff of more than 60 retail experts directing a portfolio of more than 115
shopping centers in 17 states and 26 metropolitan markets.
Westwood Financial Corp. is fully integrated in asset
management, property management, leasing and acquisition efforts from our Los
Angeles headquarters and regional offices in Dallas, Atlanta and Scottsdale,
Arizona.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA
02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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