Los Angeles — JLL Capital Markets has arranged $32 million in financing for Crenshaw Plaza, a 146,901-square-foot grocery-anchored shopping center located in Los Angeles. The borrower is a joint venture between the principals of 21 Alpha Group and Intelligent Design Real Estate.
Originally built in 1967 and renovated in 2004, Crenshaw Plaza was 97 percent leased at the time of sale. Vallarta Supermarkets anchors the center on a new 15-year lease. Additional tenants at the property include Planet Fitness, Foot Locker and AutoZone.
Spencer Bergthold, Charles Halladay and Daniel Skerrett of JLL Capital Markets debt advisory team arranged the three-year, floating-rate loan through Forbright Bank. Loan proceeds will be used to refinance the existing loan, cover closing costs and fund future leasing expenses.