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Parkview Financial Provides $19.8 Million Loan for Phase One of French Valley Commons, a Mixed-Use Project within the Greater Temecula, CA Submarket

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Temecula, CA, January 13, 2020 – Parkview Financial announced today it has provided a $19.8 million loan to Temecula, CA-based W Development Partners for the development of the first phase French Valley Commons. Phase one will include a nine-building mixed-use project situated at the northwest corner of Leon Road and Benton Road in the French Valley area of Winchester, CA, a city within the greater Temecula submarket (Southwest Riverside County).

The nine buildings will total 87,231 square feet (sf) and will include six retail buildings totaling 36,524 sf and three flex/light industrial buildings comprising 50,532 sf. Three of the planned retail buildings have already been pre-leased to users including O’Reilly Auto Parts, Dollar Tree and Jiffy Lube. With the closing of this loan, construction has now commenced on the three leased retail parcels and the largest light industrial building which will total 22,925 square feet. The four buildings are anticipated to be completed in early- to mid-2021. The timing for construction on the remaining five buildings has not yet been determined.

“Parkview Financial is happy to have the opportunity to work with this experienced, local developer who will be creating a quality project in a growing Inland Empire submarket,” said Paul Rahimian, CEO of Parkview Financial. “We see French Valley Commons as a development that will help to meet an untapped demand for retail and industrial property here.”

Although construction has just begun, the industrial buildings have had significant interest from regional owner-users. Gordon Mize of Lee & Associates is marketing these buildings for lease or sale. The remaining retail buildings have had interest from local, daily needs retailers. All the buildings are situated on individual land parcels which will enable the ownership the option of selling them individually once tenants are in place.

The second phase of French Valley Commons is entitled for another 52,000 sf of retail and industrial buildings and the timing for development is based on interest and lease-up for the first phase. The entire French Valley Commons project is situated on a 14.19-acre land parcel.

The French Valley Commons project is located at the intersection of Winchester and Benton Road. This location along with surrounding land parcels is the commercial center for the area. It is anchored by the French Valley Village Center with Stater Bros grocery store built-in 2003. The area is served by major north/south CA Highway 79 / Winchester Road, a four-lane divided highway that travels the entire north/south length of Riverside County and continues north into San Bernardino and south to San Diego.

Over recent years, the City of Winchester, which is approximately eight miles from Temecula and was once very rural and agricultural in nature, has been experiencing significant housing growth, primarily large subdivision developments. The increase in housing has created a growing demand for retail and commercial projects to support the area.

 

About Parkview Financial

Parkview Financial was founded in 2009 by CEO Paul Rahimian. Based in Los Angeles, the direct private lender provides short-term bridge and construction loans secured by first trust deeds to developers throughout the United States. Parkview manages a debt fund that originates approximately $500 million in construction financing each year with loans ranging in size from $5 million up to $100 million. Parkview’s excellent reputation as a private lender has been built on its ability to provide fast, creative financing solutions for borrowers who need more leverage and certainty of execution. Parkview originates loans for property types including Multifamily, Industrial, Office, Retail, Mixed-use, Spec Homes and Entitled land.

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

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Stater Bros. Charities and Reyes Coca-Cola Bottling Give Back to Military Families

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Stater Bros. Charities, the philanthropic arm of Stater Bros. Markets, partnered with Reyes Coca-Cola Bottling again this year for their Give Back program during National Military Appreciation Month. The program ran for the entire month of May, during which Reyes Coca-Cola Bottling committed to donating $0.25 per eligible product purchased to the Bob Hope USO. Reyes Coca-Cola Bottling donated $15,000, and Stater Bros. Charities matched their donation for a total contribution of $30,000.

A check presentation occurred during a K-EARTH 101 radiothon benefiting the Bob Hope USO. The radiothon took place at the Bob Hope USO at LAX (Los Angeles International Airport) on June 29, 2023, where Stater Bros. Charities and Reyes Coca-Cola Bottling presented Bob Hope USO with a $30,000 check.

Bob Hope USO’s mission is to strengthen America’s military service members by keeping them connected to family, home and country, throughout their service to the nation. The Give Back program is a unique opportunity to show gratitude and support to the brave men and women who risk their lives for our freedoms and to care for their families while they are away from home on deployment.

“Stater Bros. Markets has a long history of supporting veterans, service members, and their families,” said Danielle Oehlman, Director, Stater Bros. Charities. “We are so pleased to partner with our friends at Reyes Coca-Cola Bottling and the USO to give back to those who have given so much for us.”

Lorin Stewart, President, USO West Region, said, “We are deeply grateful to Stater Bros. Charities and Reyes Coca-Cola Bottling for being sustaining partners of the USO. The Give Back program embodies the essence of the USO mission by enabling the community at large to come together to support and give thanks to our armed forces and their brave military families in an impactful way.”

Funds will support the Bob Hope USO and USO San Diego Center operations, including programs and services that strengthen the social, mental, physical, and emotional well-being of local military service members, their families, and their communities.

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BDK Logistics Intelligence Fully Leases 114,190 SF Industrial Facility in Corona, CA

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Cushman & Wakefield represents landlord in lease in SoCal’s Inland Empire

Cushman & Wakefield announced that BDK Logistics Intelligence, Inc. has signed a lease for an entire 114,190-square-foot industrial facility at 1161 Olympic Drive in Corona, California. Situated in Southern California’s renowned Inland Empire, the building is owned by Monterey Rancho Mirage, LLC, which was represented by Brett Lockwood and Rick Ellison of Cushman & Wakefield in the transaction.

“We are pleased to welcome BDK to the property as a quality industrial tenant that is expanding its presence in the market, which it also currently occupies multiple warehouse facilities,” said Director Brett Lockwood. “Our client was instrumental in helping this deal transact as there were many variables that needed to be navigated which led to this lease coming together quickly and successfully.”

1161 Olympic Drive is a quality freestanding building situated on ±4.8 acres and features 20 dock high loading doors. The property is conveniently located off Interstate 15 near the confluence of SR 91 and is proximate to the extensive freeway network traversing the entire Greater Los Angeles region and into other major markets in and out of state.

According to Cushman & Wakefield’s latest Q2-2023 quarterly report, the Inland Empire industrial market posted an overall vacancy of 3.4% and has recorded more than 2.7 million square feet of positive net absorption through the first half of 2023.

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Hernandez resigns as County CEO; Snoke will continue filling in pending Board action

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Leonard X. Hernandez resigned from the post of County Chief Executive Officer effective today. County Chief Operating Officer Luther Snoke has been filling in for Hernandez while Hernandez has been on leave and will continue to do so. The Board of Supervisors will act to appoint an interim or permanent CEO shortly.

“The Board of Supervisors appreciates the service Leonard provided to the public and the County organization, especially as we navigated our way through the pandemic and other very difficult challenges,” said Board of Supervisors Chair Dawn Rowe.

Hernandez provided the following statement:

“It has been an extreme privilege to serve as the Chief Executive Officer of San Bernardino County. I am thankful to the Board of Supervisors for their leadership and the hard-working men and women who do amazing work every day. Due to an urgent family health issue that requires my immediate and undivided attention, I have informed the Board of my resignation. Under the strong leadership of the Board of Supervisors and the County’s executive team, the County will continue doing great things for the residents of San Bernardino County.”

“The Board of Supervisors is committed to a seamless transition in staff leadership with no interruption in County services or impact on County residents or employees,” Rowe said. “Luther has performed well filling in for Leonard and I am confident in his ability to continue serving in this role until the Board takes action.”

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