Retail

OXNARD, CALIF. — PSRS has arranged $54 million in financing for the acquisition of Esplanade Shopping Center, a grocery-anchored shopping center in Oxnard, approximately 70 miles west of Los Angeles. Kostas Kavayiotidis, Mike Davis and Matthew Farzinpour of PSRS provided the undisclosed borrower with a seven-year loan, including four years of interest-only payments. A life insurance company provided the financing. Walmart, The Home Depot, TJ Maxx, Nordstrom Rack, Bob’s Discount Furniture, Dick’s Sporting Goods, In-N-Out Burger, Chipotle Mexican Grill and BJ’s Restaurant are tenants at the 357,000-square-foot open-air shopping center.

RANCHO PALOS VERDES, CALIF. — Calmwater Capital has provided Irvine-based West Hive Capital with $12.3 million in short-term first mortgage debt. The loan will fund the off-market acquisition and renovation of a neighborhood retail property in Rancho Palos Verdes, a coastal city south of Los Angeles. The three-year, interest-only, nonrecourse financing was secured by Western Plaza, a 44,000-square-foot shopping center at 29105-29229 S. Western Ave. A portion of the loan proceeds will be used to fund an extensive renovation of the property, which the seller owned for the past 60 years. West Hive plans to demolish one of three existing buildings and create a 3,000-square-foot outdoor patio. Additional improvements will include modernized storefronts and architectural façades, contemporary signage, new landscaping and a resurfaced, 119-space parking lot. Michael Guterman of BWE arranged the financing. Jason Ehrenpreis of CBM1 represented both parties in the acquisition and is the leasing broker for West Hive.