By Ariela Moraru
Quantum Capital Partners secured two separate CMBS loans totaling $50 million to refinance a Walmart-anchored shopping center in Torrance, Calif., and four fully leased retail buildings in Beverly Hills, Calif. The firm worked on behalf of Ko Property Management and a private investor operating as MC Ventures LLC, respectively. Wells Fargo Bank provided the financing.
A $37 million interest-only loan will refinance The Shops at South Bay, a 200,000-square-foot retail center in Los Angeles’ South Bay submarket. Quantum Vice President Max Mellman and Managing Director Jonathan Hakakha arranged the 10-year financing. Located at 19503 Normandie Ave. at W. 190th Street, just off Interstates 405 and 110, the property was built in 2005 and is anchored by The Walmart Super Store. Tenants of the 96 percent leased center include local and national chain retailers and restaurants including Lumber Liquidators, Dollar Tree, Quiznos, BJ’s Grill and Pho Kobe. Fast 5Xpress Car Wash has secured a long-term ground lease for a pad space and is planning to build a car wash facility expected to open in January 2018.
“This Walmart is one of the nation’s top-grossing locations and evidenced by this financing, the capital markets continue to favor strong performing anchored shopping centers located in densely-populated urban areas,” said Mellman in prepared remarks. “Additionally, we have witnessed an increased appetite from both debt and equity providers for credit rated retailers with a strong and loyal following such as Walmart.”
A $13 million loan will refinance four fully leased retail buildings located on La Cienega Boulevard in Beverly Hills, a popular dining destination, just down the street from the high-end mall Beverley Center. Tenants include restaurants Matsuhisa, Fogo de Chao and Gyu-kaku, along with beauty salon YUMILashes.
Images courtesy of Quantum Capital and Google Street View