Shopoff Realty Investments Secures $105 Million Construction Loan for 1.8 Million-Square-Foot Logistics Center in Riverside County
Irvine, Calif. – April 5, 2021 – 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.
About Shopoff Realty Investments
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 proactively 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). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
About Artemis Real Estate
Artemis Real Estate Partners is an investment manager based in metropolitan Washington, D.C., with offices in New York City, Los Angeles and Atlanta. Artemis has raised $5.6bn of institutional capital across core, core plus, value-add and opportunistic strategies. The firm makes equity and debt investments in real estate across the United States, with a focus on industrial, multifamily, office, retail, hospitality, senior housing and medical office. Artemis invests both directly and via joint ventures with established, emerging and diverse operating partners. More information can be found at www.artemisrep.com.
About Bank OZK
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides senior-secured financing on marquee commercial real estate construction projects throughout the nation. RESG is considered a preeminent, market-leading construction lender changing skylines across the United States. For more information visit www.ozk.com.
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.