LAGUNA NIGUEL, CA-The J.F. Shea Co. has secured $42.75 million in permanent financing for its Ocean Ranch II retail center, according to the San Diego office of Johnson Capital, which arranged the loan.Johnson says that the center will grow to 191,691 sf upon the completion of construction of a Bed Bath & Beyond store, with the 10-year, 70% loan-to-value financing funded by Prudential Mortgage Capital Corp.
Ocean Ranch II is a mixed-use development that Aliso Viejo-based Shea Properties first developed in 1994 as a project of approximately 161,000 sf. It serves the upscale communities of Bear Brand and Ocean Ranch.
The center is home to Edwards Cinemas, Trader Joe's and a number of restaurants, specialty stores and services. The second phase of Ocean Ranch II added office and retail components, including a 24-Hour Fitness Sports Club and Aaron Bros. Art and Framing.
The shopping center is part of a Shea Properties portfolio that comprises more than 7,000 apartment units and 5.2 million sf of commercial real estate in California and Colorado. Shea Properties is the commercial development and investment arm of the J.F. Shea Co.
Among the Shea Properties projects in Southern California are its $70-million mixed-use Trio apartment and retail complex, which occupies a full block on 3.4 acres in Pasadena's Playhouse District, and River Park Town Center, a 700-acre, mixed-use, master planned community located in the West Ventura County retail corridor that is now under construction.
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