Tuesday, April 19, 2011
LOS ANGELES & SAN FRANCISCO, CA – HFF announced today that it has secured a $35 million refinancing for Oceangate Commerce Center (top left photo), a 182,743-square-foot, grocery-anchored retail center in Hawthorne, California.
Working exclusively on behalf of the borrower, The Arba Group, HFF placed the 15-year fixed-rate loan with AIG Asset Management. The loan, which has a 30-year amortization schedule, will be serviced by HFF and is refinancing maturing debt on the property.
Completed in 1996, the property is fully leased to tenants including Food 4 Less, Ross, Sportsmart, Michaels, Payless, Starbucks and Verizon. Oceangate Commerce Center is part of a larger retail center that is shadow-anchored by Home Depot and Best Buy, among others.
The HFF team representing The Arba Group included managing directors Peter Smyslowski (middle right photo) and Mark Wintner (lower left photo).
“This opportunity drew a wide range of interest from capital providers, as all the anchor tenants had sales per-square-foot performance that exceeded typical industry benchmarks,” said Smyslowski.
The Arba Group is a real estate development and management company primarily focused on investments in the Los Angeles area. The Arba Group currently controls a portfolio of assets comprising approximately 1.3 million square feet of institutional quality real estate.
Peter Smyslowski, HFF Managing Director, (415) 276-6300 firstname.lastname@example.org
Mark Wintner, HFF Managing Director, (310) 407-2100, email@example.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500