A joint venture between the principals of 21 Alpha Group and Intelligent Design Real Estate has secured $32 million in senior financing for Crenshaw Plaza, a 146,901-square-foot, grocery-anchored retail center located in Los Angeles.
Crenshaw Plaza is located at 3210 W Slauson Ave., at the intersection of West Slauson Avenue and Crenshaw Boulevard, which sees a combined traffic volume of more than 72,000 vehicles per day. The property is also adjacent to the Hyde Park Station on the new Metro Rail System, providing excellent accessibility.
Built in 1967 and renovated in 2004, Crenshaw Plaza is now 97 percent leased. The property is anchored by a new 15-year lease with Vallarta Supermarkets, occupying 31.5 percent of the gross leasable area. Other major tenants include Planet Fitness, Foot Locker and AutoZone. The center boasts a diverse tenant mix and a weighted average lease term of 9.3 years.
The loan proceeds will be used to refinance the existing loan, cover
