Done Deals: JLL arranges $19.6 million acquisition loan for Bay Area retail center

Saturday, December 28, 2019

JLL arranges $19.6 million acquisition loan for Bay Area retail center

Fairmont Shopping Center, 705-799 Hickey Boulevard, Pacifica, CA

NEWPORT BEACH, CA – JLL announced it has arranged $19.6 million in acquisition financing for Fairmont Shopping Center, a 102,982-square-foot, coastal, shopping center anchored by Safeway in the San Francisco Bay Area community of Pacifica, California.

JLL worked on behalf of the borrower, GRI Fairmont, LLC, an affiliate of First Washington Realty, Inc., to place the 10-year, fixed-rate loan with PGIM Real Estate Finance.

Greg Brown

Anchored by a high-performing Safeway, the 96%-leased Fairmont Shopping Center is also home to an internet-resistant tenant lineup, including Rite Aid, Dollar Tree, Supercuts, Banfield Pet Hospital, American Sushi House, Starbucks, Southland Nails, Ernie’s Wine & Liquor and Rockway Beach Optometry.

Completed in 1966, the retail center was remodeled in 2015 and 2018. Fairmont Shopping Center is situated on 7.46 acres at 705-799 Hickey Boulevard in Pacifica, a coastal community between San Francisco and Half Moon Bay.

It is at the high-traffic intersection of Hickey and Skyline Boulevards, where it is visible to approximately 45,860 vehicles per day.

Less than half a mile south of the Pacific Coast Highway, the retail center is in a growing trade area with an anticipated population increase of 4.2% over the next five years, and more than 163,953 residents earning an average annual household income of $134,610 live within a three-mile radius of the property.

John Marshall

The JLL Capital Markets team representing the borrower was led by Managing Director Greg Brown, Director John Marshall and Director Bercut Smith.

“JLL was able to negotiate attractive loan terms and found the ideal lender for this asset,” said Daniel Radek, President of First Washington Realty. “The transaction went very smoothly, and we could not be more pleased with the outcome.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.