The money will be used to buy the 208,000 sf Airport Plaza retail center at the intersection of Crenshaw Boulevard and Pacific Coast Highway in Torrance, says Redwood, as well as to acquire, renovate and reposition the property, according to William Lindsay, vice president of Redwood Capital.
The occupancy rate of the Airport Plaza is about 78 %. Anchor tenants include Circuit City and Bank of America. And Kohl's is expected to open a 98,000 sf department store there in May of 2003.
Redwood Capital Finance Company, LLC, is an affiliate of Pacific Coast Capital Partners, LLC, and U.S. Bank, Minneapolis. Pacific Coast has made more than $850 million in real estate investments in the West.
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