LoanCore Provides $64M Refi on Mid-City LA Shopping Center
The 216,813-square-foot complex is 88 percent leased
A 216,813-square-foot shopping center in Mid-City Los Angeles has secured $63.78 million in refinancing.
LoanCore Capital provided the five-year, floating-rate loan for the 14.5-acre Midtown Shopping Center, anchored by a major regional grocery store. Loan proceeds were used to pay off existing debt and return equity to the borrower, according to JLL (JLL), which arranged the financing.
Property records show the retail center is owned by an entity named YAR Associates, managed by James R. Young. The entity acquired Midtown Shopping Center for $42.5 million in 2013.
At 88 percent leased, the seven-building center at 4707 Venice Boulevard is home to Ralphs — the largest subsidiary of Kroger — as well as Living Spaces, Planet Fitness and CVS. The property is located at the junction of Venice, West Pico and San Vicente boulevards.
Grocery-anchored retail has maintained high demand over the past year compared to other sectors, benefiting greatly by being able to remain open through the economic lockdowns. Earlier this month, Merlone Geier Partners acquired a grocery-anchored shopping center in Riverside, Calif., for $39 million, and a joint venture of CGI Strategies and Megdal Investments acquired a 24,000-square-foot retail property in L.A.’s Los Feliz neighborhood, which the venture is redeveloping into an organic grocery operated by Lazy Acres Market.
Earlier this year, Charing Cross acquired a 107,539-square-foot shopping center in the city of Torrance, and, in December, a prominent shopping center anchored by a Korean grocery store in L.A.’s Koreatown sold for $57.5 million.
JLL’s Marc Schillinger and Keith Rosso represented the borrower, YAR Associates. Matthew Friedman of Hancock Real Estate Strategies also advised on the deal.
“This transaction highlights that low interest rates are still available for large retail assets in urban in-fill locations, even though many properties and lenders have been impacted by the pandemic,” Schillinger said in a statement.