Shopoff Secures $105 Million Construction Loan for Southern California Logistics Center
Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has secured a $105 million construction loan from Bank OZK for its I-10 Logistics Center project.
Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, 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.
Set on 155 acres, the 1.8 million-square-foot project includes two high-cube logistics/warehouses buildings that have been designed to be eligible for LEED Silver Certification. Building one will cover approximately 814,800 square feet of space and building two will cover approximately 1 million square feet. The project will include 40-foot clear-height ceilings, 665 employee parking spots, 585 trailer parking spots and 296 dock high doors.
“This project represents one of the few opportunities to develop much-needed logistics product in Southern California,” said William Shopoff, president and chief executive officer. “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 construction financing now secured, site development will begin this month, with construction slated for completion next summer. CBRE will represent the property.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 29-year history of value-add and opportunistic investing across the United States. The company primarily focuses on generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 29-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).
