While many properties and lenders have been impacted by the pandemic, Midtown Shopping Center, a 216,813-square-foot shopping center anchored by Ralphs in Los Angles, recently received $63.78 million refinancing. JLL worked on behalf of the borrower, a Los Angeles-based private client, to place the five-year floating-rate loan with LoanCore Capital. Loan proceeds were used to pay off existing debt and return equity to the borrower.
The property is anchored by Ralphs, the largest subsidiary of Kroger. At 88-percent leased, the seven-building center is also home to major national tenants including Living Spaces, Planet Fitness and CVS.
Midtown Shopping Center is located on a 14.5-acre parcel in the high-barriers-to-entry Mid-City submarket of Los Angeles. Located at the junction of Venice, West Pico and San Vicente boulevards, the property is centrally located within a trade area benefiting from a population of nearly 500,000 within three miles.
The JLL capital markets team representing the borrower was led by Marc Schillinger and Keith Rosso. The borrower was also advised by Matthew Friedman of Hancock Real Estate Strategies.
“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,” says Schillinger. “The long-term occupancy history at Midtown Shopping Center coupled with the strength of ownership allowed us to identify a loan option with an all-in interest-rate at or below what was available prior to the pandemic.”
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.