 |
| Ironwood Plaza, Moreno Valley, CA |
LOS ANGELES, CA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $7.3 million
refinancing for Ironwood Plaza, a
56,289-square-foot retail property anchored by a 99 Cents Only Store in the
Inland Empire community of Moreno Valley, California.
Working on behalf of the
borrower, a private investor, HFF placed the 10-year, 4.80-percent, fixed-rate
loan with a local bank. Loan proceeds
were used to pay off an existing CMBS loan and cover leasing and closing
costs. This was the borrower’s first
loan with the bank.
 |
| Jeff Sause |
In addition to the 99
Cents Only Store, Ironwood Plaza is home to a variety of tenants, including
Bank of America, Aqua Pura, Angela’s Nail Salon, Lorenzo’s Italian Restaurant
and Video Vision.
Situated on 4.5 acres at
23900 Ironwood Avenue, the two-building retail center is located at the
southeast corner of Ironwood Avenue and Heacock Street less than one mile from
State Road 61 in the Riverside submarket.
Ironwood Plaza is in Moreno Valley, which
anticipates a 4.65 percent population growth over the next five years in the
areas surrounding the property.
Currently, there are more than 131,000 residents earning an annual
average household income of $64,674 located within a three-mile radius of the
center.
The HFF debt placement
team representing the borrower was led by director Jeff Sause.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
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
No comments:
Post a Comment