Greater LA Retail Center Lands $125M Refi
- Jun 16, 2017
Federal Realty has secured $125 million to refinance Plaza El Segundo, a 380,558-square-foot, high-quality retail center in El Segundo, Calif.’s South Bay community.
HFF arranged a 10-year, fixed-rate loan through PGIM Real Estate Finance for the company.
“Despite some recent headwinds in the retail market, this transaction is a great example of the availability of capital for premiere retail properties with best-in-class sponsorship,” Kevin MacKenzie, HFF’s senior managing director, said in a prepared release. “There was strong interest in the opportunity given the A-plus location and tenant line-up, and it was a true team effort from all parties to get the most efficient capital in place for the asset plan.”
The HFF debt placement team also included associate director Matthew Stewart.
Originally constructed 10 years ago, the property comprises 13 buildings in three shopping districts: The Plaza, The Collection and The Edge.
Plaza El Segundo is currently 97 percent leased and includes a tenant portfolio of Whole Foods, Dick’s Sporting Goods, lululemon athletica, Anthropologie and Salt Creek Grill.
Located at 710-780 Sepulveda Blvd., on the dominant intersection of Rosecrans Ave., and Sepulveda Blvd., the retail center sits on 36.82 total acres and is an area with combined traffic counts that sees more than 110,000 vehicles per day.
According to recent Census data, the area has more than 167,000 residents earning an average annual household income of $100,192.
Federal Realty as a company owns 98 properties, hosting more than 2,800 tenants, in approximately 23 million square feet. It also owns more than 1,800 residential units.