Euclid Plaza LLC has received a $24.3 million refinancing loan for Stater Bros. Plaza, a neighborhood retail center in Chino, California, according to a release from CBRE. The loan, arranged by CBRE Capital Markets’ Debt & Structured Finance team, was issued by Buchanan Mortgage Holdings, a division of Buchanan Street Partners.
The property, located at 6989 Schaefer Avenue, is situated on 6.86 acres and contains 73,641 square feet of rentable area, the release says. Built in 2008, the center is anchored by Stater Bros. Market and includes such tenants as Chase Bank, Subway, Sprint, The UPS Store, and Mountain Mike’s Pizza.
According to the statement, Marina Massari and Sharon Kline of CBRE’s Newport Beach office arranged a 36-month, interest-only, five-year loan for the borrower. The lender, represented by Buchanan Mortgage Holdings SVP Joseph Maehler, provided “a highly flexible capital structure with a quick close,” the statement says.
Massari is quoted in the release as saying, “The center features a great balance of retail, restaurant, and service offerings, which drives cross-traffic between retailers in the center.” She adds that the property offers strong visibility on a major thoroughfare in a high-growth trade area.
The statement says CBRE Research defines the Inland Empire region are as a “prime emerging market in Southern California” that is “transforming into an affordable, demographically rich market with a youthful population brimming with potential.”