Buchanan Street Provides $25M Refi for SoCal Retail Center
- Feb 20, 2017
Chino, Calif.—Buchanan Street Partners has provided a $25 million loan to Euclid Plaza LLC, for Stater Bros. Plaza. CBRE’s California office represented the borrower in the refinancing, while Buchanan Street represented itself. Of note, the transaction marks one of the largest bridge loans originated in recent years by the firm’s Buchanan Mortgage Holdings program.
The property is located on Schaefer Avenue, at the intersection of Euclid and Fern Avenues. Built in 2008, the 73,641-square-foot Inland Empire retail center includes tenants such as Sprint, Subway and Teriyaki Madness. Stater Bros. Plaza is two miles from the 60 Freeway and the Chino Airport, the largest non-commercial airport within a 20-mile radius. The Los Angeles/Ontario International Airport is seven miles northeast.
With the possibility to add another 21,300 square feet of retail development, Stater Bros. Plaza is expected to benefit from the growing residential base in the area. The immediate neighborhood is likely to add 48,000 single-family and apartment homes, 12 schools and five million square feet of industrial space in the coming years.
“We were attracted to this financing opportunity due to its secure in-place cash flow, strong tenant sales per square foot, diverse mix of internet-resistant retail tenants and significant amount of residential growth planned for the area,” said Matthew Doerr, vice president at Buchanan Street Partners, in prepared remarks.
Image courtesy of IDEA HALL