{"id":1004520343,"date":"2021-04-06T03:43:32","date_gmt":"2021-04-06T11:43:32","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004520343"},"modified":"2021-05-15T10:22:35","modified_gmt":"2021-05-15T18:22:35","slug":"shopoff-realty-lands-105m-loan-for-inland-empire-logistics-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-lands-105m-loan-for-inland-empire-logistics-center\/","title":{"rendered":"Shopoff Realty Lands $105M Loan for Inland Empire Logistics Center"},"content":{"rendered":"
\"\"

I-10 Logistics Center, Cherry Valley, Calif. Image courtesy of Shopoff Realty Investments<\/em><\/p><\/div>\n

Shopoff Realty Investments just announced that it has obtained $105 million in financing for the development of I-10 Logistics Center, an approximately 1.8 million-square-foot speculative industrial project in Cherry Valley, Calif., in the Inland Empire. Bank OZK provided the loan for Shopoff Realty Investments, which is developing the state-of-the-art logistics center in a joint venture partnership with Artemis Real Estate Partners.<\/p>\n

Shopoff Realty and Artemis relied on Mark Strauss and Rob Quarton of Walker & Dunlop to assist in securing the funding for I-10 Logistics.<\/p>\n

“There was significant interest in the product type. We had several viable proposals for this financing,” William Shopoff, president & CEO, Shopoff Realty Investments, told Commercial Property Executive<\/em>.<\/p>\n

Bank OZK ultimately came through with a senior-secured construction loan, citing the project’s strong market fundamentals and top-tier sponsorship as reasons for its attraction to the opportunity.<\/p>\n

READ ALSO:<\/strong> Top 10 Industrial Projects Under Construction<\/a><\/p>\n

I-10 Logistics, which will occupy 155 acres near the intersection of I-10 freeway and Cherry Valley Boulevard, has been a long time coming. The Riverside County Board of Supervisors had approved the project in 2017; however, claims against the development slowed the process until July 2020, when the Riverside County Superior Court dismissed all challenges and finalized previous project approvals.<\/p>\n

Conceived to help answer the constant call for big-box industrial space in the Inland Empire<\/a>, the Ware Malcomb-designed I-10 Logistics will consist of an approximately 1 million-square-foot facility and a roughly 800,000-square-foot facility, both of which will feature a 40-foot clear height to allow for maximum storage capabilities and 8-inch slab with no slope to better accommodate tenants utilizing robotics operations. Additionally, the two-building project is being built to qualify for LEED Silver certification.<\/p>\n

Shopoff Realty and Artemis have tapped CBRE to handle leasing for the project. KPRS, general contractor, will commence site development this month.<\/p>\n

Deepening demand<\/strong><\/h2>\n

The Inland Empire is the fifth largest big-box industrial market in North America, with 42.5 million square feet transacted in 2020\u2014up 21 percent year-over-year\u2014the most for any North American market, according to a CBRE report. Net absorption, which totaled 25.1 million square feet in 2020, constituted a 40 percent increase over the previous year.<\/p>\n

With fewer project completions on the horizon as a result of limited developable land sites, the market is projected to tighten further in 2021<\/a>, and the big-box direct vacancy rate is projected to drop from 3.1 percent at year-end 2020 to below 3 percent. And more of the same is forecasted for big-box product for the foreseeable future.<\/p>\n

“We believe the demand for this product is long-term in nature,” Shopoff added. “COVID-19 likely accelerated some demand, but we believe the market should remain in balance for many years to come, especially in light of the challenges of getting new product approved.”<\/p>\n

I-10 Logistics is on track to reach completion in the summer of 2022.  <\/p>\n","protected":false},"excerpt":{"rendered":"

Bank OZK provided financing for an upcoming 1.8 million-square-foot project in one of the country\u2019s most active industrial markets. <\/p>\n","protected":false},"author":969,"featured_media":1004528564,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21748,34027,21742,15],"tags":[34570,41597,33397,44213,34936],"class_list":["post-1004520343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-industrial","category-inland-empire","category-latest","category-west","tag-artemis-real-estate-partners","tag-bank-ozk","tag-shopoff-realty-investments","tag-walker-dunlop","tag-ware-malcomb"],"acf":[],"yoast_head":"\nShopoff Realty Lands $105M Loan for Inland Empire Logistics Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-lands-105m-loan-for-inland-empire-logistics-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shopoff Realty Lands $105M Loan for Inland Empire Logistics Center\" \/>\n<meta property=\"og:description\" content=\"Bank OZK provided financing for an upcoming 1.8 million-square-foot project in one of the country\u2019s most active industrial markets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-lands-105m-loan-for-inland-empire-logistics-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-06T11:43:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:22:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/I-10-Logistics-Center-Cherry-Valley-Calif.-Image-courtesy-of-Shopoff-Realty-Investments-300x233-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"233\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-lands-105m-loan-for-inland-empire-logistics-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-lands-105m-loan-for-inland-empire-logistics-center\/\",\"name\":\"Shopoff Realty Lands $105M Loan for Inland Empire Logistics Center - 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