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August 10, 2020
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INLAND EMPIRE NEWS
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First Phase of Temecula Mixed-Use Project Started with $19.8 Mil in Funding

1/16/20

W Development Partners has obtained a $19.8 mil loan for the development of the first phase French Valley Commons, a mixed-use development in southwest Riverside County. Phase one will include a nine-building, mixed-use project situated at the northwest corner of Leon Rd and Benton Rd in the French Valley area of Winchester, a city within the greater Temecula submarket.

The nine buildings will total 87.2k sf and will include six retail buildings totaling 36.5k sf and three flex/light industrial buildings comprising 50.5ksf. Three of the planned retail buildings have already been pre-leased to users including: O’Reilly Auto Parts, Dollar Tree and Jiffy Lube.

The loan was provided by Parkview Financial. With this funding, construction has now commenced on the three leased retail parcels and the largest light industrial building which will total 22.9k sf. 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.

Although construction has just begun, the industrial buildings have had significant interest from regional owner-users. Gordon Mize of Lee & Associates is marketing the 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 52k 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 Rd. 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 Hwy 79 / Winchester Rd, 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.





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