CHERRY VALLEY, CA – Shopoff Realty Investments has secured a $ 105 million construction loan for a logistics hub project in Cherry Valley, California. Shopoff Realty Investments is developing the project in partnership with Artemis Real Estate Partners.
The company has obtained financing from OZK Bank.
Located on 155 acres of land near I-10 and Cherry Valley Boulevard. interchange, the project comprises two large logistics / warehouse buildings, which cover a total area of 1,832,667 square feet. Building 1 will cover 814,822 square feet and Building 2 will cover 1,017,845 square feet.
Designed to qualify for LEED Silver certification, the buildings will feature 40-foot clear ceilings, 665 employee parking spaces, 585 trailer parking spaces and 296 dock doors.
“This project represents one of the few opportunities to develop a much needed logistics product in Southern California,” said William Shopoff, President and CEO of Shopoff Realty Investments. “We believe this state-of-the-art logistics center with access to the I-10 will be in high demand as users continue to need large buildings to meet demand. “
With the recently secured funding, development of the project site will begin in April 2021. Construction is expected to be completed in summer 2022.
Mark Strauss and Rob Quarton of Walker & Dunlop represented the joint venture partnership by guaranteeing the $ 105 million construction loan.
“Bank OZK is delighted to provide top-notch secure construction financing for the I-10 Logistics Center, a project with strong market fundamentals and top sponsorship,” said Jason Choulochas, regional assembly manager at within the real estate specialist group of Bank OZK. “We appreciate the opportunity to work with Shopoff and Artemis on this project and look forward to a very successful execution.”
In the end, CBRE will represent the property.
“When complete, this will be the highest quality product of its kind on the market, and we are delighted to be able to represent Shopoff and Artemis, bringing this stellar new offering to the market,” said Darla J. Longo, vice-president. President and Managing Director at CBRE.