Columbus Pacific Properties has obtained $39.9 million for the refinancing of Orangefair Marketplace, a 244,000-square-foot retail center located in Fullerton, Calif. Morgan Stanley provided the funds, retiring existing debt.
A Walker & Dunlop California Capital Markets team, led by Directors Riley Manke and Andrew Westling worked to procure the loan, which was originated in September. The new financing will mature in 2028, according to CommercialEdge data.
The same source shows that the owner, a Los Angeles-based investment and development firm, purchased Orangefair Marketplace in 2002 for $31.5 million. SRS Real Estate Partners Managing Principal Terrison Quinn, Senior Vice President Casey Mahony and Senior Associate Tony Vuona oversee leasing at the property.
A Fullerton fixture
The owner fully renovated Orangefair Marketplace in 2005. The mall was originally built in 1958 to include department stores from JCPenney, W.T. Grant and Woolworth’s. In total, the shopping center spans 10 buildings spread over 23 acres, home to 28 shops. The mall’s largest tenants are big-box stores that include Burlington, Best Buy, Michaels and Big 5 Sporting. Smaller tenants include Sketchers, Cycle Gear and Catherine’s.
A population of 629,470 residents, with an average income of $97,000 lives within 5 square miles of Orangefair Marketplace, according to SRS Real Estate Partners’ website. The mall’s location—at 140 E. Orangefair Mall—allows for direct access to the 91 Freeway, with a connection to Interstate 5 sitting 3 miles to the west. The asset lies along Fullerton’s largest retail corridor, adjacent to a Walmart Supercenter and a Lowe’s Home Improvement Store.
Orange County’s green flags
Orange County’s retail sector recorded solid fundamentals during the first half of the year. According to a CBRE report, the region had a 4.1 percent vacancy rate, with more than 60,000 square feet of space under construction as of the second quarter.
Recent headlines on the investment front include Paragon Commercial Group’s $17 million recapitalization of Village Center, a 93,336-square-foot property in nearby Fountain Valley, Calif. One month prior, in June, a joint venture between an affiliate of Cadence Capital Investments and Oakwood Real Estate Partners sold Bristol Place, a 61,454-square-foot mall that is shadow-anchored by Target.