Paragon Commercial Group and Brasa Capital Management have acquired Huntington Oaks, a 328,711-square-foot shopping center in Monrovia, Calif., for $79.4 million, according to public records. Bend Properties was the seller, CommercialEdge data shows.
Gantry secured a $55.9 million loan for the acquisition. The five-year, fixed-rate financing was secured through The Lincoln National Life Insurance Co. and underwritten as a full-term interest-only loan.
The acquisition encompasses 251,000 square feet of leasable space. The shopping center was developed in several phases, between 1981 and 2011. Huntington Oaks comprises 11 buildings spread on some 22 acres.
In 2014, the property became subject to a $60.5 million CMBS loan from U.S. Bank, with Bank of America as a lender, according to CommercialEdge data. That same year, the property also received a $10.5 million loan from BlackRock.
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Anchored by Trader Joe’s, Marshall’s, Kohl’s, Party City, Burlington and Petco, Huntington Oaks features a diverse mix of regional and national tenants such as Chili’s, Chipotle, Burlington, Chase Bank and Crunch Fitness, among others.
Principals George Mitsanas and Braden Turnbull, and Associate Austin Ridge from Gantry’s Los Angeles office brokered the deal, working on behalf of the borrower.
Huntington Oaks is located at 500-600 W. Huntington Drive, within Los Angeles’ San Gabriel Valley submarket. The retail center is near Interstate 210, which provides direct access to downtown Los Angeles.
Retail dynamics in Los Angeles
Considered a prime destination for tourism and a hub for high-street retail, Los Angeles has an active retail real estate market. Assets traded at an average of $430 per square feet in the third quarter of 2024, according to a recent Kidder Mathews report. The metro also had approximately 1.4 million square feet of retail space under construction, while the vacancy rate clocked in at 5.2 percent, with an average asking rate of $2.96 per square foot.