Jeffrey L. Randolph, a principal of Avalon Financial Group, which arranged the financing, says the funds will be used to retire existing debt and provide capital for the construction of a new Bed, Bath & Beyond at the center. The Bed, Bath & Beyond store will replace a shuttered Mann Theaters complex. The outdoor center is anchored by Marshall's, Mervyn's and Toys "R" Us.
Randolph says the Huntington Oaks center is a central destination serving Monrovia, Old Pasadena and Santa Anita in the San Gabriel Valley, and that the construction of the new store there will represent an upgrade to the property.
Avalon provides financial advisory services for commercial real estate owners and investors. It was established in 1993 and has participated in more than $700 million of commercial real estate financing transactions.
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