Southern California Shopping Centers Score $31M Refi
CBRE arranged the financing, which included two CMBS loans for the 110,000-square-foot portfolio.
Westlake Village Marketplace. Images courtesy of CBRE
Cantor Commercial Real Estate has taken a $31 million refinancing package for two neighborhood shopping centers in Southern California. The owner received $18 million for a property in Westlake Village and $13 million for another in Aliso Viejo.
CBRE arranged the 10-year CMBS loans, both with full-term interest-only payments. Sharon Kline and Marina Massari led the brokerage team.
Located at 5752 Lindero Canyon Road, Westlake Village Marketplace consists of 74,186 square feet of rentable space. The shopping mall came online in 1998 and is anchored by Michaels and Staples. The tenant roster also includes Chase Bank and Chipotle. The center is shadow-anchored by Smart & Final, Dollar Tree and PetSmart.
Located at 26852 La Paz Road, Aliso Viejo Plaza was built in 1987 and consists of 35,800 square feet of rentable space. Tenants at the property include Starbucks, UPS Store and Baskin Robbins, with Target and Stater Bros. as shadow anchors. Yardi Matrix shows the asset is within 1.5 miles of nearly 2 million square feet of office space, including a 170,000-square-foot portfolio which changed hands for $71 million in October.
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