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| Crensshaw Imperial Plaza, Inglewood, CA |
LOS ANGELES, CA –
Commercial real estate investment banking firm George Smith Partners has
arranged $34.4 million in refinancing for Crenshaw
Imperial Plaza in Inglewood on behalf of its clients, NewMark Merrill
Companies and Upside Investments, according to George Smith Partners’ Principal
Steve Bram, who along with Senior
Vice President David Pascale and
Analyst Ali Akbar, secured the
financing.
Originally constructed in
the early 1960s, Crenshaw Imperial Plaza is currently a mixed-use center
consisting of 238,000 square feet of retail and a 67,000 square-foot office
building. The property is located at a high-traffic intersection with more than
60,000 cars per day, directly off the 105 freeway at Imperial Highway and
Crenshaw Boulevard.
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| Steve Bram |
”The property is
undergoing extensive renovations, including a complete facelift, the demolition
of obsolete space, addition of new signage and the conversion of ground floor
office space into retail”, according to Sandy
Sigal, CEO and President at NewMark Merrill Companies.
George Smith Partners’
Bram explains, “In order to ensure that the renovation plan could be
implemented, George Smith Partners was tasked with identifying a lender that
would recognize the value in this location and be comfortable in providing the
full requested loan amount.
The
financing we were able to arrange will pay off an existing term loan of $20.4
million, and will also fund a majority of the remaining $17.4 million in renovations,
tenant improvements, leasing commissions and other capital expenditures that
will reposition both the office and retail space.”
“The remodel has already
attracted new national tenants including Save-A-Lot, a major grocer, and Planet
Fitness. Following the conversion of the first floor of the existing office
space into retail space, that floor will house market leading quick-service
restaurants such as Chipotle, Five Guys, and Ono Hawaiian BBQ, among others,”
Sigal notes.
“We were attracted to this
property because of its location, the loyalty of the community, the existing
tenants and the opportunity to add new stores to benefit the neighborhood,”
Sigal added. “The city has been very
supportive, and after completion, the shopping center will have a new grocery
store, several soft goods retailers, a new gym, several restaurants, and a bank
and charter school that are included in the office space. Upon completion, Crenshaw Imperial Plaza will
be the centerpiece of the community.”
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| Sandy Sigal |
Gary Simons, Principal of
Upside Investments, said, “We were immediately able to see the value in this
deal and recognized that with the correct repositioning, and the ability to
combine the expertise of our firm with NewMark Merrill’s team, there would be
tremendous upside in this project.”
Bram points out that the
financing also provides flexibility to the owners, noting that, “George Smith
Partners was successful in securing the three-year interest only loan at the
full 92% LTC requested.
"The loan rate
floats over the 30 day LIBOR floored at 5.45%, with an 18-month minimum
interest prepayment option, as well as the option of one 12-month extension
period. This financing is truly tailored
to our clients’ needs.”
For a complete copy of the company’s news release,
please contact:
Miki Conant / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
