CBRE Secures Acquistion Loan for Los Angeles Retail Asset
Bruce Francis, Shaun Moothart, Dana Summers, Robert Ybarra, Doug Birrell and Jim Korinek worked on behalf of a local joint venture.
Crenshaw Plaza. Image courtesy of CBRE
CBRE has arranged a $31 million acquisition loan for the buyer of Crenshaw Plaza, a retail center in Los Angeles. Bruce Francis, Shaun Moothart, Dana Summers, Robert Ybarra, Doug Birrell and Jim Korinek secured the fixed-rate loan on behalf of the buyer, a joint venture between two Los Angeles-based private real estate investment firms. Last September, Moothart procured acquisition financing for the buyer of a 15,038-square-foot retail convenience center in San Diego.
The 137,794-square-foot property comprises multiple parcels, which were acquired at the same time. The asset is anchored by Ralphs and includes tenants such as Rite Aid, Burger King, AutoZone and Fitness 19.
Located at 3276 W. Slauson Ave., the property is within 3 miles of Interstate 110 and 7 miles of downtown Los Angeles. Crenshaw Plaza is adjacent to a new subway station on the Crenshaw/LAX Transit Line, which will begin operations this year. Los Angeles International Airport is 6 miles from the retail center.
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