Shopoff Realty Investments recently 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 in Cherry Valley. 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,” says William Shopoff, Shopoff Realty Investments’ 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.”
With construction financing now secured, site development will commence in April 2021 with construction anticipated to be completed in summer 2022.
Set on 155 acres, the I-10 Logistics Center project includes two logistics/warehouses buildings. Building one will cover approximately 814,822 square feet and building two will cover approximately 1 million square feet for a total of 1.83 million square feet of floor area.
Mark Strauss and Rob Quarton from Walker & Dunlop represented Shopoff and Artemis in securing the construction loan. CBRE will represent the property.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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