Deutsche Bank Lends $140M for Southern California Retail Center
By Greg Cornfield November 14, 2024 4:20 pm
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An 834,000-square-foot Class A shopping center in Southern California’s Inland Empire has locked down $140 million in refinancing from one of the most prominent lenders in commercial real estate.
Castle & Cooke secured the loan from Deutsche Bank (DB) AG for Crossings at Corona in Corona, Calif. JLL (JLL) Capital Markets announced the loan Thursday and represented the borrower.
The 173-year-old Castle & Cooke completed the retail hub nearly two decades ago at the northeast corner of Interstate 15 and Cajalco Road, about 56 miles southeast of Downtown Los Angeles. Tenants at Crossings include Target, Marshall’s, Kohl’s, Ross, HomeGoods, Sportsman’s Warehouse, Burlington, Edward’s Theatre and numerous restaurants.
“We are thrilled at the continued rent growth and leasing velocity at Crossings since we completed the project in 2005,” Gary Wong, president of Castle & Cooke, said in a statement.
The number of households within three miles of the center has increased sixfold since 2010 as an affordable alternative compared to Los Angeles and Orange County
JLL Capital Markets’ debt advisory team was led by John Marshall, Spencer Seibring and Nick Englhard.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
