Grocery-Anchored LA Center Scores $32M Financing
JLL Capital Markets secured a $32-million senior financing for Crenshaw Plaza, a 146,901-square-foot grocery-anchored retail center located in Los Angeles. JLL represented the borrower, a joint venture between the principals of 21 Alpha Group and Intelligent Design Real Estate, in arranging the three-year, floating-rate loan through Forbright Bank.
The JLL Capital Markets Debt Advisory team representing the borrower was led by director Spencer Bergthold, senior managing director Charles Halladay and associate Daniel Skerrett. Loan proceeds will be used to refinance the existing loan, cover closing costs and fund future leasing expenses.
Crenshaw Plaza is located at 3210 W Slauson Ave., at the intersection of West Slauson Avenue and Crenshaw Boulevard, which see a combined traffic volume of more than 72,000 vehicles per day. The property is also adjacent to the Hyde Park Station on the new Metro Rail System. Originally built in 1967 and renovated in 2004, Crenshaw Plaza is currently 97% leased.
