Northgate Market-Anchored Retail Center Secures $21.5-Million Refinancing

JLL Capital Markets arranged the financing for Juanita Tate Marketplace on behalf of Optimus Properties, LLC

JLL Capital Markets has announced that it has arranged the successful $21.5-million financing of Juanita Tate Marketplace, a 77,096-square-foot grocery-anchored retail center located in Los Angeles.

JLL represented the borrower, Optimus Properties, LLC, in arranging the five-year loan through institutional investors advised by J.P. Morgan Asset Management.

Juanita Tate Marketplace is a high-performing retail center anchored by Northgate Market, which occupies 55% of the gross leasable area. The property is 100% leased to a diverse mix of tenants, including CVS, Panda Express, Starbucks and Chase Bank. Built in 2014, the center has maintained an average occupancy above 95% since its opening.

Situated at the corner of E Slauson Ave. and E Central Ave., Juanita Tate Marketplace benefits from high visibility and strong traffic flow, with 22,600 and 26,700 vehicles per day, respectively. The property is located within a densely populated area, with 1.2 million people residing within a five-mile radius.

JLL Capital Market’s Debt Advisory team, representing the borrower, was led by director Alex Olson and associate Daniel Skerrett.

“Juanita Tate Marketplace represented an exceptional and unique investment opportunity in one of the densest parts of Los Angeles,” said Olson. “The property has a fascinating history, which included eminent domain development to remedy a longstanding food desert and a 17-year escrow process. Strong anchor tenants, diverse mix of national retailers, the strategic location and strong sponsorship contributed to its appeal in securing favorable financing terms.”

K. Joseph Shabani, co-founder of Optimus, added, “It was a pleasure to work with Alex and his team. They made the transaction painless.”

Information was sourced from JLL. To learn more, contact greta.kieras@jll.com.