Shopping center owner Castle & Cooke nabbed $140 million in refinancing for its Corona property in yet another bright spot for Inland Empire retail.
Deutsche Bank AG provided the loan for the roughly 834,000-square-foot Crossings at Corona sitting along the 15 Freeway at 2470 Tuscany Street. Terms of the deal, which was announced Thursday, were not disclosed.
Target, Marshall’s, Kohl’s, Ross and HomeGoods are among the power center’s major tenants.
John Marshall, Spencer Seibring and Nick Englhard from JLL Capital Market’s debt advisory team represented Castle & Cooke.
L.A.-based Castle & Crooke built Crossings at Corona in 2005, around the same time a master-planned community and nearby open-air mall called Shops at Dos Lagos also entered the market. The Shops at Dos Lagos mall, less than two miles from Crossings at Corona, opened a year after the power center and was built on what was previously the Temescal Tin Mines.
Castle & Crooke President Gary Wong said in a statement Crossings at Corona has seen “continued rent growth and leasing velocity” since the center opened.
“Our legacy tenants and new demand from national credit tenants highlight the strength of the Corona market,” Wong said.
Crossings’ refi is the latest retail news from the Inland Empire market, which sits to the east of Los Angeles and includes parts of Riverside and San Bernardino counties.
Moody’s reported in June that Brookfield Properties and the Queensland Investment Corporation were set to close on a $265 million loan to refinance some 700,000 square feet of retail at Victoria Gardens. The 1.2 million-square-foot open-air mall in Rancho Cucamonga counts Macy’s and JCPenney as anchors alongside national retailers. The roster appears to be diversifying into the luxury space, with a Chanel fragrance and beauty outpost set to open this year.
Santa Monica mall owner Macerich in late August finalized an $85 million refinance of The Mall of Victor Valley. The 10-year loan is at a 6.72 percent fixed rate and is set to mature in September 2034, according to a Securities & Exchange Commission filing.
More recently, shopping center owner Site Centers of Beachwood, Ohio paid $34.2 million for a portion of a Chino Hills power center. Site Centers in September snapped up the 77,000 square feet of shops nearest to the curb at Crossroads Marketplace, with the property then transferring to the spinoff Curbline Properties.
Curbline focuses on the retail real estate it sees as having the greatest investment potential — street-facing parcels.
Clearly, Curbline isn’t the only one to see the upside. The 77,000 square feet at Crossroads received more than 20 offers before Site’s all-cash offer was accepted.
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