$23M construction loan secured for redevelopment of Crossroads Plaza
JLL Capital Markets led financing efforts for the Los Angeles-area shopping center
NEWPORT BEACH, CALIF., July 14, 2021 – JLL Capital Markets announced today that it has arranged a $23 million construction loan for Crossroads Plaza Shopping Center, a 140,198-square-foot, grocer shadow-anchored retail center in Pico Rivera, California.
JLL worked on behalf of the borrower, Crossroads Plaza Limited Partnership, and its developer, TRF Pacific, LLC, to secure the loan through a regional bank. Loan proceeds will be used to redevelop and renovate portions of the center and develop an additional 12,000 square feet of proposed shop space.
Crossroads Shopping Center is located at 9050-9200 Whittier Blvd. at the signalized intersection of Whittier and Rosemead Boulevards, which together have daily traffic counts of more than 60,000 vehicles. The 10.35-acre site is positioned 13 miles southeast of downtown Los Angeles in a growing area of the city that offers numerous local shopping and entertainment options. Additionally, Crossroads Shopping Center is close to numerous local freeways, including the 605, 5 and 60, providing connectivity to the greater Los Angeles metro.
Originally built in 1988, Crossroads Shopping Center is undergoing redevelopment to replace a 100,000-square-foot Home Depot whose lease terminated in 2019 after 30 years. The building has been leased to three national soft goods retailers yet to be announced. The center is shadow anchored by Superior Grocery, one of the largest independent grocery store chains in Southern California.
The JLL Capital Markets team representing the borrower was led by John Marshall and Daniel Tyner.
“TRF Pacific assembled a highly coveted rent roll with national retailers to backfill 100,000 square feet of vacant box space, with brand-new shop space tenants that are leasing up now,” Marshall said. “The debt markets recognized TRF’s significant West Coast retail track record and the durability of discount box retailers, which resulted in multiple, attractive offers from lenders that fully funded all future project costs. Based on JLL’s closings over the past six months, retail debt markets are back in full force for urban & suburban shopping centers in top 15 MSAs.”
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. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About TRF Pacific, LLC
TRF Pacific, LLC is a commercial real estate investment, development and management company headquartered in Seattle, Washington. The company has more than 40 years of experience in developing and managing prime retail and office projects in the Pacific Northwest and along the entire West Coast.