Holiday Fenoglio Fowler L.P. recently completed yet another financing deal for the improving Los Angeles commercial real estate market. The capital markets services provider has secured financing for a West Hollywood retail asset totaling $27 million. The company worked on behalf of Shooshani Developers, for the Hollywest Promenade.
The property offers 120,173 square feet of retail at the intersection of Hollywood Boulevard and Western Avenue, the location being in the immediate vicinity of Highway 101. The 2002-built shopping spot currently boasts a tenant roster that features names such as Ralph’s and Ross Dress for Less, as well as popular food spots such as Quizno’s Subs and Jamba Juice. According to a press statement released by HFF Inc., the retailer center had an occupancy rate of 95 percent at the time of the announcement. The property’s vacancy rate is right in the margin for Los Angeles County, with the average value for the area at around 5 percent, a market report by Marcus & Millichap Real Estate Investment Services for the midyear point in the year illustrates.
The HFF team that was in charge of securing the $27 million consisted of Managing Director Brad Black and Jeff Sause, a senior real estate analyst with the company. The financing came through a 15-year, fixed-rate loan with Aegon USA Realty Advisors. The company acts as the real estate investment and management arm of AEGON Asset Management.
Chart courtesy of Marcus & Millichap Real Estate Investment Services @ marcusmillichap.com