29/08/2024 | Press release | Distributed by Public on 29/08/2024 22:58
LOS ANGELES, Aug. 29, 2024 - JLL Capital Markets announced today that it has secured a $115 million acquisition loan for Puente Hills Mall, a 56.41 acre retail mall in the City of Industry, California.
JLL worked on behalf of the borrower, a joint venture between RCB Equites and Real Estate Development Associates, LLC ("REDA"), to obtain a non-recourse, three-year, floating-rate loan through Hankey Capital.
Located at 1600 S Azusa Ave., Puente Hills Mall is conveniently situated right by SR-60, in close proximity of multiple other major freeways like the SR-57, I-10 and I-605. The current mall is in prime location in the heart of the City of Industry, in the San Gabriel Valley of eastern Los Angeles county. The city is almost entirely dedicated to industrial activities, containing over 3,000 businesses employing more than 67,000 people.
The Mall, once a bustling retail hub, is a transformative redevelopment opportunity in Los Angeles County, offering the potential for a multitude of uses. RCB Equites and REDA recognize the mall's immense potential for redevelopment and are committed to revitalizing the property. The team plans to work closely with the City of Industry to formulate a redevelopment plan that aligns with the city's vision for long-term prosperity.
"The opportunity to work with the City of Industry and our partners at REDA and TA Group to transform the Mall into an asset that the community will embrace really excites us," said Brian Dror, Principal at RCB Equities.
"We are thrilled about the opportunity to transform Puente Hills Mall into a vibrant, modern business generator that aligns with the evolving needs of the City of Industry," said Jason Krotts, Founder and Principal of Real Estate Development Associates, LLC. "With the City's robust power utilities and our vision for growth, we see immense potential in creating a flourishing change to project. Our partnership with the City of Industry is pivotal, and we are excited to collaborate on a redevelopment plan that reflects the city's aspirations and contributes to the overall progress of the region."
"Hankey Capital prides itself in providing acquisition financing to high-net-worth families making opportunistic plays on well-located real estate at a compelling basis," said Priyesh R. Bhakta, President and Managing Principal at Hankey Capital. "We focus on coastal and metro submarkets with strong fundamentals that overwhelmingly support the Sponsor's business plan."
The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Mark Wintner.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.