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TORRANCE, CA-The owners of the 67,000-sf Southwood Village retail center have secured an $11.9 million, eight-year loan at a fixed rate of 5.72% to refinance the property, according to the Los Angeles office of Holliday Fenoglio Fowler. Paul Brindley of HFF reports that Cow Holdings secured the 70% leveraged loan with a forward commitment rate that was locked in August of 2005 and will be serviced through HFF.
Southwood Village was renovated in 2003 and is 98% occupied by retailers including Ace Hardware and Chevron. The three-building property is situated on 5.65 acres at 5230 Sepulveda Blvd. and 22214-22252 and 22217-22231 Palos Verdes Blvd., about a mile east of Redondo Beach in Torrance.
The shopping center occupies a location in a "very strong in-fill market, a high-income area that has tough barriers to entry for new product," Brindley observes. Crow Holdings owns and manages approximately $6 billion in real estate on behalf of its owners, and private and institutional partners.
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