California

LOS ANGELES — Juanita Tate Marketplace, a 77,000-square-foot shopping center in Los Angeles, has received a $22 million refinance. The center is located at the intersection of East Slauson and South Central avenues in the city’s South Central neighborhood. Juanita Tate is anchored by CVS and Northgate González Markets. It was recently purchased by the borrowers, Optimus Properties and Infinity Redevelopment, who plan to make minor upgrades and modifications to the newly built property. The 10-year, fixed-rate loan features a 4.1 percent interest rate with two years of interest-only and a 30-year amortization schedule. It was arranged by Shahin Yazdi of George Smith Partners. The center was originally developed in partnership with the City of Los Angeles and the non-profit organization Concerned Citizens of South Los Angeles (CCSCLA) to bring retail options and jobs to the region. The property’s construction loan was a city-funded Section 108 loan. This kind of loan is provided by cities for projects that will help revitalize neighborhoods through new low-income housing or job creation. The deal was made a little easier by the fact that the center’s purchase price “far exceeded” its valuation, according to Yazdi. He notes the property value was estimated in the …

VISTA, CALIF. – Sycamore Terrace, a 10,543-square-foot shopping center in Vista, has sold to Sycamore Terrace Vista CA LLC for an undisclosed sum. The center is located at 316 and 320 Sycamore Ave. It is anchored by Panda Express. Other notable tenants include My Kid’s Dentist, the U.S. Army and Fred Loya Insurance. CBRE’s Reg Kobzi and Matt Shope represented both the buyer and seller, WS Sycamore Terrace LLC, in this transaction.

LONG BEACH, CALIF. – Naree Thai has signed a 10-year lease for 2,343 square feet of retail space in Long Beach. The space is located at 555 E. Ocean Blvd. Naree Thai also owns the nearby Thiptara Thai Restaurant. The company was represented by Sean Lieppman of Lee & Associates in Long Beach. The landlord, 555 Ocean LP, was represented by Shaun McCullough and Jeff Coburn of the same firm.