HFF Lines Up Refinancing for Southern California Retail Asset
- Aug 18, 2015
By Adriana Pop, Associate Editor
The newly-renovated 87,561-square-foot, five-building shopping center is anchored by Smart & Final Extra. The property is located at the intersection of Moulton Parkway and La Paz Road, just off State Highway 73.
HFF worked on behalf of the borrower, Fred Sands of Vintage Real Estate, to arrange the two-year, floating-rate loan with three one-year extensions through Colony Capital. Loan proceeds will be used to refinance existing debt and fund tenant improvement costs and leasing commissions for the center’s remaining vacant space.
The HFF debt placement team was led by managing director James Fowler and associate director Greg Brown.
Between 2013 and 2015, the center underwent a major redevelopment with the construction of the 20,478-square-foot building for Smart & Final Extra, two additional buildings and a complete overhaul of the remaining space. The property’s tenants include Smart & Final Extra, Chuck E. Cheese’s, Nothing Bundt Cakes, Banfield Pet Hospital, Rita’s Ice, Pharmaca, Laguna Hills Dental and Edible Arrangements.
“The comprehensive renovation of Village at Nellie Gail Ranch has transformed it into a modern and dynamic retail destination which has attracted a new host of specialty retailers, including Smart & Final Extra, the smaller store format for Smart & Final that focuses largely on fresh meat and a larger selection of organic produce,” Fowler said in prepared remarks. “This is a welcome addition to the Laguna Hills community and will enhance this pivotal intersection.”
Photo credits: loopnet.com