Encompassing 19,500 sf, the TR Produce Building is an industrial property that is located adjacent to the Petco Park baseball stadium in the Ballpark District. CruzanMonroe plans to convert the facility into restaurant and retail space with groundbreaking slated for June 2003.
Scott Abell and Jamie Dick of Burnham Capital Markets Group have secured the funds for CruzanMonroe's borrowing entity, known as T.R. Produce LLC. The financing has been provided by an undisclosed Southland regional bank.
The T.R. Produce Building marks the latest project for CruzanMonroe, which was formed in autumn of last year. The locally based, privately held company, which was conceived by industry heavyweights Dennis Cruzan and Philip Monroe, is focused on development and acquisition opportunities involving infill office and industrial product across the Southland.
CruzanMonroe already has two projects underAway in partnership with JMI Realty: a 240,000-sf office park, known as Campus at Carmel Valley, which is slated to rise in the Del Mar Corporate Center; and Campus on Park, a 390,000-sf office development to be built across from the new Petco Park project.
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