Riverside County – CBRE Capital Markets’ Debt & Structured Finance arranged a $9 million loan on behalf of Kite Family Limited Partnership for the refinance of Jurupa Valley Spectrum, a retail property in California’s Inland Empire.
Shaun Moothart , Bruce Francis, Bob Ybarra, Dana Summers, Doug Birrell and Jennifer Ansari of CBRE arranged the financing, which was used to retire the existing debt on the property, improve the borrower’s terms and enhance the cash flow generated from the investment. The loan’s structure also provides for future funding to build out additional improvements at the property.
Located at 8022-8082 Limonite Avenue in Jurupa Valley, the 124,949 square-foot retail center was 98 percent leased at the time of sale. Approximately 48 percent of Jurupa Valley Spectrum is occupied by Jurupa 14 Cinemas, the largest movie theater in the area. The tenant roster also includes Walgreens, Starbucks and United States Postal Service.
The property is approximately three miles south of SR 60, a major freeway that connects Riverside County to Los Angeles. Riverside Municipal Airport, the largest public airport in Riverside County, sits less than four miles south of Jurupa Valley Spectrum.
“We were able to identify and secure a life company lender that had the ability to structure around the movie theater anchor with termination options and a future funding component for a pad that will be built by the owner,” said Moothart.
Strong leasing activity netted the Inland Empire retail market with 110,095 square-feet of positive net absorption in the third quarter of 2019, according to a CBRE research report. The average asking lease rate increased 3.1 percent year-over-year. The most active retail tenant categories in the region and across the U.S. continue to be those in fitness, furniture, food, fashion, and fun, according to CBRE research. They are expected to remain the dominant drivers in Southern California due to their ability to cater to a consumer base seeking experience and convenience.
Shaun Moothart , Bruce Francis, Bob Ybarra, Dana Summers, Doug Birrell and Jennifer Ansari of CBRE arranged the financing, which was used to retire the existing debt on the property, improve the borrower’s terms and enhance the cash flow generated from the investment. The loan’s structure also provides for future funding to build out additional improvements at the property.
Located at 8022-8082 Limonite Avenue in Jurupa Valley, the 124,949 square-foot retail center was 98 percent leased at the time of sale. Approximately 48 percent of Jurupa Valley Spectrum is occupied by Jurupa 14 Cinemas, the largest movie theater in the area. The tenant roster also includes Walgreens, Starbucks and United States Postal Service.
The property is approximately three miles south of SR 60, a major freeway that connects Riverside County to Los Angeles. Riverside Municipal Airport, the largest public airport in Riverside County, sits less than four miles south of Jurupa Valley Spectrum.
“We were able to identify and secure a life company lender that had the ability to structure around the movie theater anchor with termination options and a future funding component for a pad that will be built by the owner,” said Moothart.
Strong leasing activity netted the Inland Empire retail market with 110,095 square-feet of positive net absorption in the third quarter of 2019, according to a CBRE research report. The average asking lease rate increased 3.1 percent year-over-year. The most active retail tenant categories in the region and across the U.S. continue to be those in fitness, furniture, food, fashion, and fun, according to CBRE research. They are expected to remain the dominant drivers in Southern California due to their ability to cater to a consumer base seeking experience and convenience.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
