Two Los Angeles Area Centers Receive $60 Million in Financing

by Nate Hunter

Los Angeles — Venice Crossroads and Centerpoint Mall include a combined 536,855 square feet of retail.

The 380,055-square-foot Centerpoint Mall is 99 percent occupied.Los Angeles  — Two retail centers in the greater Los Angeles area have received a total of $60 million in financing. The 156,800-square-foot Venice Crossroads received a $33 million loan, which was used to refinance a maturing CMBS loan. The center is 98 percent leased and anchored by Albertsons. Other tenants include CVS/pharmacy, Ross, Office Max and Chase Bank. A $27 million loan was also arranged to acquire Centerpoint Mall, a 380,055-square-foot power center. The property is 99 percent occupied by tenants includes Walmart, Superior Grocers, Payless ShoeSource, Dollar Tree and Wells Fargo. Brad Black and Jeff Sause of HFF secured the 10-year loans in separate transactions on behalf of Shooshani Developers LLC through Deutsche Bank. Shooshani Developers was represented by managing member Tony Shooshani.

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