LAGUNA HILLS, CA—GlobeSt.com has learned exclusively that HFF has provided Vintage Real Estate with a $33-million refinancing for the Village at Nellie Gail Ranch here, which has just completed a massive two-year redevelopment. The project is an 87,561-square-foot, newly renovated and expanded shopping center anchored by Smart & Final Extra.
HFF worked on behalf of borrower Fred Sands of Vintage Real Estate to secure the two-year, floating-rate loan with three one-year extensions through Colony Capital. Loan proceeds will be used to refinance existing debt and fund capital expenditures related to tenant-improvement costs and leasing commissions to lease the limited remaining vacant space.
James Fowler, managing director of HFF, who along with Greg Brown led the debt-placement team representing the borrower, tells GlobeSt.com, “The Village at Nellie Gail represents another quality retail project transformed by the Vintage Real Estate Group. Fred Sands consistently finds excellent value-add opportunities and has a veteran staff of experts that know how to deliver flawless results.”
The property underwent a significant redevelopment between 2013 and 2015, which included adding square footage with the construction of the 20,478-square-foot building for Smart & Final Extra, two additional buildings and a complete renovation and upgrade of the remaining center. Tenants of the five-building project include Smart & Final Extra, Chuck E. Cheese's, Nothing Bundt Cakes, Banfield Pet Hospital, Rita's Ice, Pharmaca, Laguna Hills Dental and Edible Arrangements. The center is located at the intersection of Moulton Pkwy. and La Paz Rd. here, just off State Highway 73.
Fowler adds, “The comprehensive renovation of Village at Nellie Gail Ranch has transformed it into a modern and dynamic retail destination that has attracted a new host of specialty retailers, including Smart & Final Extra, the smaller-store format for Smart & Final that focuses largely on fresh meat and a larger selection of organic produce. This is a welcome addition to the Laguna Hills community and will enhance this pivotal intersection.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
