Castle & Cooke Lands $140M for Inland Empire Retail Center

Castle & Cooke has received $140 million in financing for Crossings at Corona, a 833,995-square-foot shopping center in Corona, Calif. Deutsche Bank AG provided the loan, in a deal brokered by JLL Capital Markets.

Back in 2014, the property became subject to two CMBS loans totaling $145 million from Wells Fargo Bank, with Wilmington Trust as a trustee, according to CommercialEdge data.

Crossings at Corona came online in 2005 on some 103 acres. Shadow-anchored by Target, the property is home to a diverse mix of regional and national retailers such as Marshall’s, Kohl’s, Barnes & Noble, Ross, HomeGoods, Best Buy, Sportsman’s Warehouse, Famous Footwear, Burlington, Bath & Body Works, Michaels, Edward’s Theatre, Game Stop, Petco, Sephora, Ulta Beauty and Victoria’s Secret, among others.

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Located at 3615 Grand Oaks, the shopping center is at the northeast corner of Interstate 15 and Cajalco Road, in an area where the daily traffic count reaches more than 200,000 vehicles, according to JLL. The average household income within a 3-mile radius is approximately $157,625.

JLL Managing Director John Marshall, Director Spencer Seibring and Analyst Nick Englhard led the Debt Advisory team in arranging the financing for the borrower.

Inland Empire’s retail scene

Inland Empire’s retail market saw a slight contraction in the third quarter of this year, according to a recent CBRE report. The vacancy rate clocked in at 6.6 percent, up 20 basis points from the previous quarter. Approximately 41,000 square feet of retail space came online in the region.

Meanwhile, retail investment sales totaled $145.8 million in the third quarter of this year. The second-largest transaction of the interval involved a 273,424-square-foot retail center in Fontana, Calif. A joint venture between MCB Real Estate and a fund managed by DRA Advisors purchased the asset for $64.7 million.