{"id":1004760384,"date":"2025-06-04T03:53:07","date_gmt":"2025-06-04T11:53:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004760384"},"modified":"2025-06-04T04:17:11","modified_gmt":"2025-06-04T12:17:11","slug":"selleck-secures-52m-for-los-angeles-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/selleck-secures-52m-for-los-angeles-retail-center\/","title":{"rendered":"Selleck Secures $52M for Los Angeles Retail Center"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Shoppes-at-Westlake-Village-in-Thousand-Oaks-Calif.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004760388\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/shoppes-at-westlake-village-in-thousand-oaks-calif-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Shoppes-at-Westlake-Village-in-Thousand-Oaks-Calif-edited.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Shoppes at Westlake Village in Thousand Oaks, Calif.\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Shoppes-at-Westlake-Village-in-Thousand-Oaks-Calif-edited.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Shoppes-at-Westlake-Village-in-Thousand-Oaks-Calif-edited.jpg\" alt=\"Exterior shot of Shoppes at Westlake Village, a retail center in Thousand Oaks, Calif.\" class=\"wp-image-1004760388\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Shoppes-at-Westlake-Village-in-Thousand-Oaks-Calif-edited.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Shoppes-at-Westlake-Village-in-Thousand-Oaks-Calif-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Shoppes-at-Westlake-Village-in-Thousand-Oaks-Calif-edited.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">Shoppes at Westlake Village comprises seven buildings across an 11-acre site. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/retails-2025-outlook-a-tale-of-diverging-trends\/\">Retail\u2019s 2025 Outlook: A Tale of Diverging Trends<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Shadow-anchored by Target, the property features a diverse mix of retailers, including In-N-Out Burger, Crumbl Cookie, BCBC Nails Spa, Cel\u00e9 Wellness, Sport Clips and Guitar Center. <\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/21-alpha-group-jv-lands-refi-for-los-angeles-retail-center\/\">$32 million in senior financing<\/a> for the 146,901-square-foot grocery-anchored property in a deal arranged by JLL.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-high-in-supply-low-in-demand\">High in supply, low in demand<\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>The metro&#8217;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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The note refinances a $50 million loan from 10 years ago.<\/p>\n","protected":false},"author":3619,"featured_media":1004760388,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1594,21742,21749,15],"tags":[35073,33603],"class_list":["post-1004760384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-los-angeles","category-latest","category-retail","category-west","tag-metropolitan-life-insurance-company","tag-morgan-stanley-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Selleck Secures $52M for Los Angeles Retail Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Selleck Development Group Inc. secured a $52 million loan for Shoppes at Westlake Village, a 104,500-square-foot retail center in metro L.A.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/selleck-secures-52m-for-los-angeles-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Selleck Secures $52M for Los Angeles Retail Center\" \/>\n<meta property=\"og:description\" content=\"Selleck Development Group Inc. secured a $52 million loan for Shoppes at Westlake Village, a 104,500-square-foot retail center in metro L.A.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/selleck-secures-52m-for-los-angeles-retail-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-04T11:53:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-04T12:17:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Shoppes-at-Westlake-Village-in-Thousand-Oaks-Calif-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Maria Maruta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/selleck-secures-52m-for-los-angeles-retail-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/selleck-secures-52m-for-los-angeles-retail-center\/\",\"name\":\"Selleck Secures $52M for Los Angeles Retail Center - 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