SIGNAL HILL, CA-Samantha Marketplace LLC of Arcadia has acquired the 83,433-sf Town Center West retail center for $18.57 million from Manhattan Beach-based Town Center West LLC, according to Sperry Van Ness. The property is a four-building centers at 1600-1898 E. Willow St. and 2599 Cherry Ave., at the corner of Willow Street and Cherry Avenue.
Built in 2000, the grocery-anchored retail center is situated on 7.58 acres and is 100% triple-net leased with 90% of the space occupied by credit tenants. The tenants include Food 4 Less, McDonalds, Chevron, Nextel and Starbucks.
The buyer was represented by Fouy Ly of the Irvine office of Sperry Van Ness. The seller was represented by Jeff Hanson of the Newport Beach office of Grubb & Ellis.
Financing for the center included $12.5 million in acquisition funding that was arranged by the San Diego and Los Angeles offices of Holliday Fenoglio Fowler. San Diego director Aldon Cole and Los Angeles managing director Mitch Paskover of HFF describe the financing as a 10-year, fixed-rate loan with a Los Angeles-based conduit lender.
Cole says that the financing presented "several challenges beyond the usual high purchase price and low cap rate relationship to the acquisition loan" that are typical of many of today's finance deals. Among the factors that made the property appealing to the buyer and the lender were its location close to Long Beach and it's easily access via the San Diego, Long Beach, Harbor and Riverside freeways, he says.
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