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11/15/24
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Castle & Cooke has obtained $140 mil in new financing on Crossings at Corona, a Class A, 834k sf retail power center in Corona. The new loan was arranged by JLL and funded through Deutsche Bank AG.
Crossings at Corona was completed in 2005. The retail and entertainment destination shopping center is shadow-anchored by Target and includes sub-anchors Marshall’s, Kohl’s, Ross, HomeGoods, Sportsman’s Warehouse, Burlington, Edward’s Theatre and other national retail and restaurant tenants offering shoppers a diverse mix of retail and entertainment options.
Crossings at Corona, situated at the northeast corner of I-15 and Cajalco Rd, boasts an advantageous location near the entrance to Hwy-91, which sees over 200,000 vehicles daily. Serving the cities of Corona, Chino and Riverside, this retail destination offers excellent accessibility throughout the Inland Empire. Its proximity to both employment hubs and residential areas makes it a convenient spot for shoppers in the region.
John Marshall, Spencer Seibring and Nick Englhard with JLL Capital Markets arranged the new financing.
Corona, located in the Inland Empire just east of the greater Los Angeles MSA, boasts an affluent population base, with the 2023 average household income within a three-mile radius reaching $157,625. Impressively, 65% of households in this area earn over $100,000 per year. The number of households within this radius has grown significantly, from 2,075 in 2010 to 12,751 in 2023, driven by high-income families seeking quality housing at a discount compared to neighboring Orange and Los Angeles Counties.
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