Huntington Oaks Delaware Partners Secures $71 Million in Financing for Shopping Center in Monrovia
- Oct 12, 2014
Huntington Oaks Delaware Partners was recently awarded with a total of $71 million in financing from lender Bank of America. The financing deal was announced by LUCESCU REALTY, an investment real estate services firm that handled the process on behalf of the borrower. According to the official announcement, the developer required the financing of Huntington Oaks Shopping Center in the City of Monrovia, CA. The specifics of the financing package arranged by LUCESCU REALTY include a $60.5 million senior mortgage and a $10.5 million mezzanine loan that replace a $51 million mortgage from Wachovia Bank.
Huntington Oaks Center is a community shopping center totaling 328,711 square feet of space. The anchor tenants for the property include Kohl’s, Trader Joe’s, Toys ’R’ Us, Marshalls and Bed Bath & Beyond, which take up a total of 197,852 square feet of space. The property’s current tenant roster also includes names such as Black Angus, Mimi’s Café, Chili’s, Applebees, Chuck E Cheese, Panda Express, Menchies, Sally Beauty and Wells Fargo Bank. At the time of the financing announcement, the property had an occupancy rate of approximately 98 percent, currently performing at a very good level compared to the area’s average levels.
The retail property was constructed in 1986 on a 26.1-acre parcel located at the southeast quadrant of Interstate 210 and Huntington Drive. Due to its location, the property offers about 1,400 feet of highway frontage in the Pasadena/Arcadia/Monrovia submarket, which currently leads the greater Los Angeles area in lease rates and occupancy levels. The property also benefits from an average household income within a three-mile radius of about $100,823.
Image courtesy of shophuntingtonoaks.com