Grocery-anchored retail center in Los Angeles refinanced for $63.78M
JLL Capital Markets arranged the loan for the Ralphs-anchored property in the Mid-City submarket
LOS ANGELES, May 24, 2021 – JLL Capital Markets announced today that it has arranged a $63.78 million refinancing for Midtown Shopping Center, a 216,813-square-foot shopping center anchored by Ralphs in Los Angles, California.
JLL worked on behalf of the borrower, a Los Angeles-based private client, to place the five-year, floating-rate loan with LoanCore Capital. Loan proceeds were used to pay off existing debt and return equity to the borrower.
Midtown Shopping Center is located on a 14.5-acre parcel in the high-barriers-to-entry Mid-City submarket of Los Angeles. The property is anchored by Ralphs, the largest subsidiary of Kroger and a popular Southern California-based supermarket chain. At 88-percent leased, the seven-building center is also home to major national tenants including Living Spaces, Planet Fitness and CVS.
Located at the junction of Venice Boulevard, West Pico Boulevard and San Vicente Boulevard, the property is centrally located within a vibrant trade area benefiting from a population of nearly 500,000 within three miles.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Marc Schillinger and Director Keith Rosso. The borrower was also advised by Matthew Friedman of Hancock Real Estate Strategies.
“This transaction highlights that low interest rates are still available for large retail assets in urban in-fill locations, even though many properties and lenders have been impacted by the pandemic,” Schillinger said. “The long-term occupancy history at Midtown Shopping Center coupled with the strength of ownership allowed us to identify a loan option with an all-in interest-rate at or below what was available prior to the pandemic.”
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.
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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.