LOS ANGELES – The famous Farmers Market property in Los Angeles has received a $100-million credit facility. The open-air shopping center is located on the northeast corner of 3rdStreet and Fairfax Avenue in the Fairfax District. It is sits adjacent to The Grove and across from CBS Television City.
The collateral property contains about 237,300 square feet of retail, restaurant and office space. It was redeveloped in 2001, at which time the A. F. Gilmore Company added four new Class A office and retail buildings on land adjacent to the Original Farmers Market. The new addition totaled about 168,200 square feet. Major Farmers Market tenants include Cost Plus, Zara USA, Planet Dailies LA, Sur La Table, Marmalade Café, Chipotle and Starbucks.
The Original Farmers Market was also refurbished in 2001. It currently contains about 68,400 square feet of retail and restaurant space throughout a cluster of buildings. Most of the market’s 100 tenants occupy 1,000 square feet or less.
The borrower, an entity controlled by the A. F. Gilmore Company, purchased the site in 1880. The Original Farmers Market opened in 1934. The company’s headquarters is still located in the Gilmore Adobe on the Farmers Market grounds.
The credit facility was arranged by Amos Smith, Ryan Chapman and Sean Skelton of Johnson Capital. The borrower completed a 10-year, fixed-rate interest rate swap for $40 million of the credit facility. It has five years to draw down the remaining committed amount.