Selleck Secures $52M for Los Angeles Retail Center

Selleck Development Group has obtained a $52 million refinancing loan for Shoppes at Westlake Village, its 104,500-square-foot retail center in Thousand Oaks, Calif., according to CommercialEdge information. MetLife originated the note.

The permanent financing pays off a previous fixed-rate note issued by Morgan Stanley Bank in 2015, in the amount of $50 million, the same source shows. That note matured in May.

Shoppes at Westlake Village came online in two phases, in 2014 and 2015. The retail center consists of seven buildings across an 11-acre site at 30770 Russell Ranch Road.

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Shadow-anchored by Target, the property features a diverse mix of retailers, including In-N-Out Burger, Crumbl Cookie, BCBC Nails Spa, Celé Wellness, Sport Clips and Guitar Center.

Just off Ventura Freeway, the retail center is across from Westlake North Business park and near a Costco Wholesale store. Downtown Los Angeles is within 38 miles southeast, on U.S. Route 101.

Earlier this year, another Los Angeles retail property became subject to a refinancing loan through Forbright Bank. The principals of 21 Alpha Group and Intelligent Design Real Estate secured $32 million in senior financing for the 146,901-square-foot grocery-anchored property in a deal arranged by JLL.

High in supply, low in demand

The Greater Los Angeles retail market witnessed 466,000 square feet in completions in the first quarter, with 54 percent of the 1.6 million-square-foot pipeline to come online by the end of the year, according to a Colliers report. Meanwhile, tenant demand remained scarce, with 1.5 million square feet of negative absorption in the first three months of 2025.

The metro’s retail vacancy rate rose for the fifth consecutive quarter to 6.54 percent, while asking rents dropped to $2.41 per square foot, the report shows. Leasing activity was down by 19 percent over the quarter.