HFF Secures $92M Loan To Refinance San Marcos Power Center
HFF has secured a $92M loan for Newport Beach, Calif., investors United American Properties and World Premier Investments to refinance Grand Plaza, a 356,796 SF, grocery-anchored retail center in San Marcos, Calif. The 25-year fixed-rate loan was provided by J.P Morgan Asset Management.
Anchored by Sprouts Farmers Market, Grand Plaza is 94% occupied with best-in-class national and regional tenants, including Orchard Supply Hardware, Bed Bath & Beyond, Ross Dress for Less, Marshalls, Boudin Bakery, Lane Bryant, Party City, Broken Yolk Café, Starbucks and Ulta Beauty, as well as the only Nordstrom Rack in North San Diego County. HFF director John Chun, who led the retail debt placement team, which included associate Sebastian Trujillo and real estate analyst AJ Manas, said, “Given the impressive tenant roster and historically high occupancy levels of the retail power center, we were able to secure competitive terms on the longer-term duration loan.”
In addition to San Marcos, this destination shopping center attracts shoppers from Escondido, Vista, Oceanside and Rancho Bernardo. The center is within a few miles of Cal State San Marcos and Palomar College.