In the Cypress transaction, Don Curtis of Holliday Fenoglio Fowler reports that HFF lined up the $15 million refinancing for the 138,618-sf Cypress Plaza Shopping Center on behalf of Warland Investment Co. The property, at 6800 - 6964 Katella Ave., is fully leased to tenants including Staples, JoAnn Fabrics, Olive Garden and Ross Dress for Less.
The financing is a 25-year, fully amortizing, fixed-rate loan through Jefferson Pilot Financial. The borrower refinanced an existing loan maturing in July 2007 to take advantage of the current low interest rates.
In the Monrovia transaction, Cheryl Pestor of Sperry Van Ness in Pasadena reports that a private investor in Manhattan Beach bought the 7,619-sf retail center, which is at 102-108 S. Myrtle Ave., from three Pasadena-based family trusts. Pestor represented the sellers, with Neil Mishurda of CB Richard Ellis representing the buyer.
Remodeled in 2001, the retail building is located at the gateway to Old Town Monrovia's shopping and business district and is near the 210 and 605 freeways. The property is 100% leased with a tenant roster including Coffee Bean & Tea Leaf, Quiznos, Teri & Yaki and Urbane Beauty.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.