PGIM Provides $125M Loan For Retail Property On S Sepulveda Blvd In Manhattan Beach

The property involved in the transaction is Plaza El Segundo, a retail center located at 780 S Sepulveda Blvd, El Segundo, California. The existing financial arrangement was facilitated with a 10-year, fixed-rate loan amounting to $125,000,000. The plaza encompasses a total of 380,558 square feet and consists of 13 buildings, situated on 36.82 acres at a prominent location, capturing high traffic with combined counts exceeding 110,000 vehicles per day. The center is currently 97 percent leased, hosting notable tenants such as Whole Foods, Dick’s Sporting Goods, lululemon athletica, Anthropologie, and Salt Creek Grill.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $125,000,000.00
• Address: 780 S Sepulveda Blvd, El Segundo, California
• Market: Manhattan Beach
• Asset Size: 380,558 square feet
• Leasing Status: 97 percent leased
• Borrower: Federal Realty
• Lender: PGIM
• Borrower's Representative: Matthew Stewart-Jamestown
• Date of Loan: 06/16/2017

The transaction was arranged by HFF, with Kevin MacKenzie serving as the senior managing director. The HFF debt placement team also included associate director Matthew Stewart. Federal Realty manages a portfolio of 98 properties, which collectively host over 2,800 tenants in about 23 million square feet, also holding more than 1,800 residential units.