IRVINE, Calif., April 5, 2021 /PRNewswire/ — Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced today that the company has secured a $105 million construction loan from Bank OZK for its I-10 Logistics Center project, located near the I-10 freeway and Cherry Valley Boulevard interchange. The project is a joint venture partnership between Shopoff Realty Investments and Artemis Real Estate Partners.
“This project represents one of the few opportunities to develop much-needed logistics product in Southern California,” explained Shopoff Realty Investments President and Chief Executive Officer William Shopoff. “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.”
Mark Strauss and Rob Quarton from Walker Dunlap represented Shopoff and Artemis in securing the $105 million construction loan with Bank OZK.
“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,” added 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.”
Set on 155 acres, the I-10 Logistics Center project includes two high cube logistics/warehouses buildings that have been designed to be eligible for LEED Silver Certification. Building one will cover approximately 814,822 square feet of space and building two will cover approximately 1,017,845 square feet of space, for a total of 1,832,667 square feet of floor area. The project will feature 40-foot clear-height ceilings, 665 employee parking spots, 585 trailer parking spots and 296 dock high doors.
CBRE will represent the property. Darla J. Longo, CBRE Vice Chairman and Managing Director added, “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.”
With construction financing now secured, site development will commence in April 2021 with construction anticipated to be completed in summer 2022.
Find your latest news here at the Hemet & San Jacinto Chronicle