21 Alpha Group JV Lands Refi for Los Angeles Retail Center

The principals of 21 Alpha Group and Intelligent Design Real Estate have obtained $32 million in senior financing through Forbright Bank for Crenshaw Plaza, a 146,901-square-foot grocery-anchored retail center in Los Angeles.

JLL arranged the three-year, floating-rate loan. Proceeds will refinance existing debt, pay for closing costs and support future leasing expenses. 

The property became subject to a $31 million loan in 2020, when the joint venture acquired it in a $33.7 million portfolio deal that also included the retail space at 3540 Slauson Ave., according to CommercialEdge data. Wells Fargo Bank provided the five-year note.

Crenshaw Plaza, up close

Completed in 1967 and renovated in 2004, the five-building Crenshaw Plaza is at 3210 W. Slauson Ave., covering a 5-acre site. The property was 97 percent leased at the time of sale, its tenants having average leases of 9.3 years. 

Vallarta Supermarkets anchors the retail center, occupying 31.5 percent of the gross leasable area under a 15-year lease. The roster also includes Planet Fitness, Foot Locker and AutoZone.

Crenshaw Plaza is at the intersection of West Slauson Avenue and Crenshaw Boulevard, which sees approximately 72,000 vehicles per day. The shopping center is also adjacent to the Hyde Park light rail station, on the Metro K Line. 

JLL Capital Markets Director Spencer Bergthold, Senior Managing Director Charles Halladay and Associate Daniel Skerrett led the company’s Debt Advisory team that brokered the deal on behalf of the joint venture.

Grocery-anchored shopping centers continue to prove their resilience in the market, driven by consistent consumer foot traffic and the demand for convenience-oriented retail experiences. In 2025, the retail sector is expected to undergo significant transformation due to shifting consumer preferences, increasingly oriented toward necessity-based centers.