CHERRY VALLEY, CA – Shopoff Realty Investments has secured a $105 million construction loan for a logistics center project in Cherry Valley, CA. Shopoff Realty Investments is developing the project in partnership with Artemis Real Estate Partners.
The company secured the financing from Bank OZK.
Situated on 155 acres of land near the I-10 freeway and Cherry Valley Blvd. interchange, the project comprises two high-cube logistics/warehouses buildings, which encompass a total of 1,832,667 square feet of floor area. Building one will span 814,822 square feet of space and building two will span 1,017,845 square feet of space.
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Designed to be eligible for LEED Silver certification, the buildings will feature 40-foot clear-height ceilings, 665 employee parking spaces, 585 trailer parking spaces and 296 dock high doors.
"This project represents one of the few opportunities to develop much-needed logistics product in Southern California," says William Shopoff, president and CEO of Shopoff Realty Investments. "We believe this state-of-the-art logistics center with I-10 freeway access will be in high demand as users continue to require large buildings to meet demand."
With the recently secured financing, site development on the project will commence in April 2021. Construction is expected to be complete in summer of 2022.
Walker & Dunlop's Mark Strauss and Rob Quarton represented the joint-venture partnership in securing the $105 million construction loan.
"Bank OZK is delighted to provide senior-secured construction financing for the I-10 Logistics Center, a project with strong market fundamentals and top-tier sponsorship," states Jason Choulochas, regional director of originations at Bank OZK's real estate specialties group. "We appreciate the opportunity to work with Shopoff and Artemis on this project and look forward to a very successful execution."
Upon completion, CBRE will represent the property.
"Upon completion this will be the highest quality product of its kind in the market, and we are thrilled to be able to represent Shopoff and Artemis, bringing this stellar new offering to the market," states Darla J. Longo, vice chairman and managing director at CBRE.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
