July 25, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $66 million refinancing for Plaza 183, a 360,875-square-foot, open-air, destination retail center in the Los Angeles-area community of Cerritos, California.
HFF worked on behalf of the borrower, Cerritos Retail CenterCal LLC, to secure the 10-year, fixed-rate loan with Principal Life Insurance Company. Principal Real Estate Investors advised the lender in the transaction. Loan proceeds are being used to refinance the original acquisition/renovation financing.
Plaza 183 began an extensive renovation in 2014, most of which was completed in 2015 with more renovation planned to commence this year. Currently more than 97 percent leased, the 11-building power center is home to national tenants, including Burlington Coat Factory, Nordstrom Rack, Saks Off Fifth, T.J. Maxx, Buffalo Wild Wings, Guitar Center, Olive Garden, Old Navy, Off Broadway, Jersey Mike’s, Lane Bryant, Burlington Coat Factory and 24-hour Fitness. Located at 11101-11263 183rd Street and 17970 Studebaker Road, the destination center is in an infill location in the heart of Cerritos, a community midway between downtown Los Angeles and the business centers of Irvine, Santa Ana and Anaheim, just off the 605 Freeway and two blocks south of Highway 90. Plaza 183 is exposed to more than 244,000 vehicles per day due to its frontage along the 605 Freeway.
The HFF debt placement team representing the borrower was led by Paul Brindley, Eric Tupler and Steven Paskover.
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