$25M Heslin Deal Converts Retail Sites

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NEWPORT BEACH, CA-Heslin Holdings Inc. has converted two former Albertsons supermarkets into Food4Less grocery stores, refinancing the properties with a $25-million direct conduit loan from Merrill Lynch. The stores include an 80,000-sf Food4Less at 7910 Katella Ave. in Stanton and another 80,000-sf Food4Less at 914 W. Orangethorpe in Fullerton.

The funding replaces a portion of a $33-million bridge loan with Inland Mortgage Capital Corp. that Heslin used to acquire four properties early last year, when Heslin bought the then-empty supermarkets from Albertsons as part of a larger portfolio purchase. The Newport Beach-based company’s business plan revolved around landing new tenants for the two locations, notes Casey McKeon, director of acquisitions for Heslin.