Friendly Hills Marketplace in CA Sells for $40M
- Jan 29, 2018
Golden Capital Whittier has purchased Friendly Hills Marketplace, an 89,826-square-foot shopping center in Whittier, Calif. for $40 million. CBRE and National Retail Partners-West arranged the sale on behalf of the seller, Oppidan Inc. CBRE’s Debt & Structured Finance team arranged an acquisition loan for the buyer.
“While big-box retail is presently out of favor for most lenders, our CBRE debt team marketed the buyer’s finance request to over 40 lenders, ensuring no stone was left unturned. This approach attracted multiple lenders, creating a competitive bid situation, ultimately resulting in aggressive pricing from a life insurance company with a rate in the high 3 percent range, fixed for 15 years,” said Shaun Moothart, member of CBRE’s finance team, in prepared remarks.
Built in 2017, the shopping center at 15311 Whittier Blvd. is exposed to the city’s major street and is surrounded by many apartment communities. The retail facility is 100 percent leased to tenants including Orchard Supply Hardware, HomeGoods, ULTA Beauty and Skechers.
The sale was brokered by CBRE’s Executive Vice President Philip Voorhees, Kirk Brummer, James Tyrrell, Megan Wood, Preston Fetrow and Jim Leary. Last year, the retail investment team, lead by Vorhees, completed the sale of Solana Beach retail center.
Image courtesy of CBRE