George Smith Partners completes construction financing on retail center development
Los Angeles -- Commercial real estate investment banking firm George Smith Partners, has completed a $17.2 million, two-phase, construction loan transaction in Oxnard, Calif., for Upside Investments.
“The construction loan will be used to pay off a land loan, demolish existing buildings, build and renovate retail buildings and complete horizontal construction for a pad to be occupied by Lowe’s Store,” according to Steve Bram, principal and managing director of George Smith Partners. Bram was assisted in the financing by David Pascale, senior VP.
Upside Investments purchased this mostly vacant and functionally obsolete property in 2007. Since then, it has been getting entitlements and negotiating leases, lease extensions and tenant relocations. The 16-acre Carriage Square retail center will now be partially demolished and redeveloped to contain 170,000 square feet of retail space.
The cornerstone of the newly renovated center will be the 138,000-sq.-ft. Lowes Home Improvement store, which will occupy subject to a 20-year ground lease. The remaining tenants are a mix of national chain restaurants and local tenants, including IHOP, 7-11, KFC and Kragen, which will be located on outparcels around Lowes.