$74M Finances Two Retail Properties

WEST HOLLYWOOD, CA-Retail property owner the Arba Group has obtained $74 million in financing for two class A retail centers, Beverly West Square in this city and Hastings Village in Pasadena, according to Holliday Fenoglio Fowler. The borrowers sought the refinancing to lock in favorable rates, according to HFF.Peter Smyslowski and Mark Wintner of the Los Angeles office of Holliday Fenoglio Fowler represented the borrower in arranging the two 75% leveraged refinancings through John Hancock Financial Services. One financing was a $58.2 million, 30-year, self-amortizing, fixed-rate loan for Hastings Village, the other a $15.85 million, 25-year, self-amortizing, fixed-rate loan for Beverly West Square.Wintner notes that the two properties are part of a larger portfolio owned by the Arba Group, which has holdings totaling approximately 1.5 million sf of retail space in the Los Angeles area. The company is a long-term holder and wanted to take advantage of the current low interest rates, he says.Hastings Village, completed in 1998, is a 299,927-sf power center that is fully occupied by tenants including Best Buy, Old Navy, Ross, Bed Bath & Beyond and PetSmart. The property is situated on a 21.56-acre site at 3335-3699 E. Foothill Blvd., just north of the 210 Freeway in Pasadena. Beverly West Square was completed in 2000 and consists of 28,725 sf that is occupied by a Bristol Farms grocery store.The nearly two-acre Bristol Farms site has parking for 119 cars and is located at 9015 Beverly Blvd., the former site of the historic Chasen's Restaurant. The nearly $750 per sf value puts the Bristol Farms at Beverly West Square amongst the highest valued, single-tenant grocery stores in the US, according to Smyslowski.