Principal David Sonnenblick of Sonnenblick-Eichner, which arranged the financing, says the property is 100% leased to the Ralphs supermarket chain. He says the Wilshire Place market registers one of the highest sales volumes of any market in the area, approximating $700 per sf.
The property's location and its quality credit tenant enabled the borrower to lock in a long-term, fixed-rate loan at less than 5.5%, Sonnenblick says. Sonnenblick-Eichner is a Los Angeles-based real estate investment banking firm that specializes in the financing and sale of institutional quality commercial real estate.
The Los Angeles-based Snyder Co., founded by namesake Jerry Snyder, has developed properties in the Miracle Mile and throughout Southern California. Its developments include the Wilshire Courtyard office complex in the Miracle Mile, the 240,000-sf River at Rancho Mirage entertainment and shopping center in Rancho Mirage, Calif., and many others.
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