LA Retail Asset Lands $29M in Financing
- May 09, 2017
By Mihaela Coste
HFF arranged a $28.7 million acquisition loan, on behalf of GPI Co., for a 244,000-square-foot retail structure anchored by Macy’s, and a 1,550-space parking garage at the Westside Pavilion Mall in West Los Angeles.
Senior Managing Director Kevin MacKenzie, directors Greg Brown and Jeff Sause, and Associate Jamie Kline of HFF represented the borrower in securing the two-year, fixed-rate loan through a life insurance company.
Located on a six-acre site at 10730 W. Pico Blvd. at the intersection of Pico Boulevard and Overland Avenue, in close proximity to interstates 10 and 405, the asset is part of the Westside Pavilion Mall. The three-story urban-style shopping center opened in 1985 and is currently owned and operated by The Macerich Co., encompassing roughly 755,000 square feet and accommodating approximately 150 shops.
According to Los Angeles Business Journal, GPI Co. acquired the property in the first quarter of 2017 for $50 million. Founded in 2008, the company specializes in the acquisition, development, repositioning and management of retail, office and mixed-use properties located in the Greater Los Angeles area. Having more than 100 years of combined experience, the partners of GPI delivered over 20 million square feet of award-winning urban projects with a capitalized value of more than $6 billion.
Images courtesy of Macerich Co. and Westside Pavilion