Wells Fargo Provides $46M Refi for SoCal Shopping Center
The Target-anchored complex has leases rolling over
By Greg Cornfield June 25, 2026 5:55 pm
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A Target-anchored shopping center in Southern California’s San Gabriel Valley has secured refinancing, Walker & Dunlop announced Thursday.
Wells Fargo provided $46 million in fixed-rate, interest-only permanent financing for the 336,718-square-foot Rosemead Place in Rosemead, Calif., in Los Angeles County. PropertyShark lists MPM Partners, run by Herbert Yang, as the property’s owner.
The shopping center is about 10 miles east of Downtown L.A. at 3506-3864 Rosemead Boulevard, at the intersection with Interstate 10. In addition to Target, the tenants at Rosemead Place include LA Fitness, Ross Dress for Less, PetSmart, ULTA Beauty and Dollar Tree.
Trevor Fase and Lynn Pearson led the Walker & Dunlop team, while Joel Minugh and James Ko represented Wells Fargo in-house.
“Well-located, anchored retail assets like Rosemead Place continue to be viewed extremely favorably by a wide range of capital providers, including insurance companies, commercial mortgage-backed security lenders, and regional and national banks,” Fase said in a statement. “Despite several moving parts, including near-term lease rollover, we successfully closed the transaction in less than 60 days.”
The San Gabriel Valley’s retail real estate market is putting pressure on landlords with declining asking rents, according to Lee & Associates’ first-quarter analysis. The market’s average triple-net asking rate dropped slightly for at least the previous four quarters to about $2.81 per square foot per month.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
