LUCESCU REALTY Announces Financing of Huntington Oaks Center in Monrovia (Los Angeles), California for $71 Million
NEWPORT BEACH, CALIF. – October 1, 2014 – (RealEstateRama) — Mark Lucescu, President of LUCESCU REALTY, a market leading investment real estate services firm, announced today the financing of Huntington Oaks Shopping Center in the City of Monrovia (Los Angeles), California, for $71.0 million. LUCESCU REALTY exclusively represented the interests of the borrower, Huntington Oaks Delaware Partners, LLC and procured the lender, Bank of America, N.A. The financing package included a $60.5 million senior mortgage and a $10.5 million mezzanine loan; that together replaced a $51 million mortgage from Wachovia Bank.
Huntington Oaks Center is a 328,711-square-foot community shopping center, anchored by Kohl’s, Trader Joe’s, Toys ‘R’ Us, Marshalls and Bed Bath & Beyond. The five major tenants occupied 197,852 square feet. The blue-chip tenant roster also included Petco, Party City, Black Angus, LensCrafters, Mimi’s Café, Chili’s, Kirklands, Chase Bank, Applebees, Panera Bread, Chipotle, Chuck E Cheese, Rubio’s, Panda Express, Smashburger, GNC, Menchies, Sally Beauty and Wells Fargo Bank.
“It’s an institutional quality piece of real estate, built in an affluent residential community in Los Angeles,” noted Lucescu. “The borrower developed the property 28 years ago and it has maintained its market dominance since completion.”
Built in 1986, Huntington Oaks Center is situated on a 26.1-acre parcel, at the southeast quadrant of Interstate 210 and Huntington Drive. The property, which enjoys 1,400 feet of highway frontage along Interstate 210, is currently 98.0% leased with 91.3% regional and national tenants in the leased gross leasable area. Monrovia is well-positioned within the Pasadena/Arcadia/Monrovia submarket, which leads the Los Angeles market in lease rates and occupancy levels. The average household income within a 3-mile radius is $100,823.
According to Lucescu in discussing the latest market trends, “We expect core and core plus offerings to continue to garner very high lender demand due to the dearth of available inventory and the surplus of capital pursuing these types of offerings. In addition we anticipate the major MSAs along the west coast to continue to receive the greatest demand from the capital markets.”
LUCESCU REALTY is a market leading investment real estate services firm that uniquely combines major capital markets expertise with a complete and thorough understanding of real estate fundamentals to execute a wide range of services on behalf of its clients. Scope of services include sale transactions, advisory/consulting, debt/equity placement, market research and financial services. LUCESCU REALTY specializes in individual property and portfolio transactions, on behalf of public and private companies worldwide, involving neighborhood, community, power, and lifestyle centers, regional malls, and suburban and central business district office buildings. The hallmark of LUCESCU REALTY is its ability to maximize value through its exclusive focus on sale transactions, access to the full spectrum of both public and private investors, intimate local market knowledge through its in-house group of market analysts, tailored marketing strategies, and depth of capital market experience. LUCESCU REALTY is annually recognized as one of the most active brokerage firms in the United States. Headquartered in Newport Beach, California, LUCESCU REALTY has regional offices in Phoenix, Arizona and Las Vegas, Nevada and plans to open an office in San Francisco later this year. For more information, please visit www.lucescurealty.com.
