C
astle & Cooke, the owner of the Crossings at Corona shopping center, has secured a $140 million refinancing deal for its property. The loan was provided by Deutsche Bank AG and will support the roughly 834,000-square-foot power center along the 15 Freeway in Corona. Major tenants include Target, Marshall's, Kohl's, Ross, and HomeGoods.
The Crossings at Corona has seen steady growth since its opening in 2005, with continued rent increases and a strong leasing pace. Castle & Cooke President Gary Wong attributes this success to the strength of the Corona market and demand from national credit tenants.
This refinancing deal is the latest retail news from the Inland Empire market, which includes parts of Riverside and San Bernardino counties. Other recent deals in the area include Brookfield Properties' $265 million loan for Victoria Gardens in Rancho Cucamonga and Macerich's $85 million refinance of The Mall of Victor Valley.
In a separate transaction, Site Centers paid $34.2 million for a portion of Crossroads Marketplace in Chino Hills, highlighting the growing interest in street-facing retail parcels with high investment potential.
