Pacific Star Capital snags $40M loan for Sherman Oaks Whole Foods project

The market will anchor a shopping center that Aria Mehrabi's Santa Monica firm will build

Dec.December 05, 2018 09:00 AM
Pacific Star Capital CEO Aria Mehrabi and the development lot in Sherman Oaks seen from Ventura Boulevard

Developer Aria Mehrabi’s Pacific Star Capital secured a $39.5 million construction loan to build a Whole Foods-anchored shopping center in Sherman Oaks.

His Santa Monica-based firm is planning the complex at 14311 Ventura Boulevard. Local officials signed off on the 74,000-square-foot project in March, according to the Los Angeles Daily News.

The Whole Foods — which will be the third in Sherman Oaks — will occupy 44,000 square feet with the rest allotted for shops, restaurants, and offices. There will also be an outdoor patio area. The shopping center will be two stories and will include parking below grade. It includes a 46,400-square-foot main parking lot and a large adjacent parking lot. Pacific Star Capital plans to add a 3,000-square-foot dog park at the rear of the site.

Pacific Star Capital owns the site through an entity in Miami, where the firm has been active in recent years. The Miami LLC purchased the Sherman Oaks site in late 2015 for $15.3 million.

Mehrabi has invested in Miami property himself. In May, he sold his condominium unit at the Palazzo del Sol complex on Fisher Island for $10.25 million, which was $2 million more than he paid for it in 2016.

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