GRI Fairmont, LLC, an affiliate of First Washington Realty, Inc., has committed to a 10-year, fixed-rate loan with PGIM Real Estate Finance for the approximately $20M acquisition of Fairmont Shopping Center in Pacifica, CA. A JLL Capital Markets team worked with GRI Fairmont to identify and place the 10-year, fixed-rate loan with PGIM Real Estate Finance.

Fairmont Shopping Center is a 102,982-square-foot, coastal grocery-anchored retail center, 96-percent leased at time of sale. Tenants of the center include Safeway, Rite Aid, Dollar Tree, Supercuts, Banfield Pet Hospital, American Sushi House, Starbucks, Southland Nails, Ernie’s Wine & Liquor and Rockway Beach Optometry.

Located at 705-799 Hickey Blvd., Fairmont Shopping Center was completed in 1966 and more recently remodeled in 2015 and 2018. The center sits on 7.46 acres in Pacifica, a coastal community between San Francisco and Half Moon Bay.

The JLL Capital Markets team representing the borrower was led by Managing Director Greg Brown, Director John Marshall and Director Bercut Smith.

“JLL was able to negotiate attractive loan terms and found the ideal lender for this asset,” said Daniel Radek, president of First Washington Realty. “The transaction went very smoothly, and we could not be more pleased with the outcome.”

For comments, questions or concerns, please contact Chris Egger