San Diego-Area Power Center Receives $92M Refi

Anchored by Sprouts Farmers Market, the 356,796-square-foot Grand Plaza is also home to 40 other retailers.
Grand Plaza in San Marcos, Calif.
Grand Plaza in San Marcos, Calif.

San Diego—United American Properties Inc. and World Premier Investments Inc. have received $92 million in refinancing for Grand Plaza, a 356,796-square-foot retail power center with a grocery anchor in San Marcos, Calif.

HFF secured a 25-year, fixed-rate loan with JP Morgan Asset Management for the development partnership.

Anchored by Sprouts Farmers Market, the 94-percent-leased Grand Plaza is also home to 40 retailers, including Orchard Supply Hardware, Bed Bath and Beyond, Ross Dress for Less, Marshalls, Boudin Bakery, Lane Bryant, Party City, Broken Yolk Café, Starbucks and Ulta Beauty, as well as the only Nordstrom Rack in North County San Diego. Grand Plaza also features many restaurants including Elephant Bar, Sammy’s Woodfire Pizza, Broken Yolk Cafe and Love Boat Sushi.

The HFF retail debt placement team representing the borrower was led by Director John Chun, Associate Sebastian Trujillo and Analyst AJ Manas.

“Given the impressive tenant roster and historically high occupancy levels of the retail power center, we were able to secure competitive terms on the longer-term duration loan,” Chun said in a prepared statement.

The center is strategically located within a few miles of Cal State San Marcos and Palomar College, and draws from a variety of communities in addition to San Marcos, including Escondido, Vista, Oceanside and Rancho Bernardo.

Image courtesy of NewMark Merrill Cos.