CHINO HILLS, CA-Holliday Fenoglio Fowler LP has arranged $61 million in financing for the Shoppes at Chino Hills. HFF worked on behalf of Newport Beach-based Chino Hills Mall LLC to secure the 5.2%, 10-year fixed-rate loan through Citigroup Global Markets Realty Corp.
The investment group purchased the 388,000-square-foot trophy lifestyle center all cash in June 2010 for $94.5 million, as GlobeSt.com previously reported, in a sale also arranged by HFF, with the intention of securing financing after initial stabilization and definition of the merchandising and marketing direction. At the time, HFF senior managing director Ryan Gallagher, who led the team that marketed the property, told GlobeSt.com when the center went on the market that it represented “a really rare opportunity to pick up a trophy asset, at a discount, 18 months after it was developed.” Gallagher pointed out that the center was cash-flowing and represented “an asset that would not be available if it hadn't been for an entity-level bankruptcy.”
The Shoppes at Chino Hills was originally developed by Opus West in 2008 at a cost of more than $130 million. Opus West filed for Chapter 11 banksuptcy in the summer of 2009. The bank consortium then took over the property and named HFF to market it. Located at the intersection of Grand Avenue and Peyton Drive off the 71 Freeway in Chino Hills, the Shoppes at Chino Hills is part of a larger master-planned project that includes the Chino Hills Civic Center, Chino Hills City Hall, Chino Hills Police Station and the public library.
The 90% leased property was designed by Altoon + Porter architects and is anchored by Forever 21, H&M, Trader Joes, Banana Republic, Victoria's Secret and Barnes & Noble. Tim Sotoodeh, managing director for the Shoppes at Chino Hills states that, “We are pleased to be seeing sale increases and overall performance that far exceeded expectations,” adding that “HFF understood the strengths of the project and Citigroup’s participation is a further endorsement.”
The HFF team representing the borrower included associate director Charles Halladay and senior managing director Don Curtis.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
