CBRE Secures $43M for Office, Retail

CBRE, Los Angeles, arranged $43.1 million for a California office property and an Arizona shopping center.

In Valencia, Calif., CBRE Capital Markets Executive Vice Presidents Marina Massari and Sharon Kline and Analyst Evan Chan arranged the bridge debt financing for True North Capital Management’s $34 million recapitalization of Valencia Corporate Plaza. Amherst Capital Management, New York, provided the three-year, full-term interest-only loan.

Valencia Corporate Plaza, a three-building mid-rise office complex, totals 195,000 square feet. Two of its three buildings delivered in 1999 and one in 2007. A recently approved $12 billion community development will deliver 21,500 new homes and an estimated 8.4 million square feet of commercial space to the surrounding market over the next 15 to 20 years.

The firm also secured a $9.1 million loan for Sterling Organization’s $15.2 million acquisition of Union Plaza, a grocery-anchored shopping center in Phoenix. CBRE Vice President Dana Summers and Shaun Moothart and Financial Analyst Danielle Priore facilitated the loan for Sterling. Cushman & Wakefield Executive Managing Directors Michael Hackett and Ryan Schubert represented the seller.

The 98,700-square-foot retail center at 18402 North 19th Avenue has been anchored by Fry’s Food & Drug for more than 40 years. Other internet-resistant tenants include Union Hills Animal Hospital, Great Clips and U.S. Armed Forces recruiting. The property occupies the intersection of 19th Avenue and W. Union Hills Drive in a densely populated neighborhood, with nearly 47,000 vehicles passing by each day on average.

CBRE secured 10-year interest-only financing from a life insurance company for the sponsor.