LA QUINTA, CA-The 6,000-sf Silverhawk Retail Centre has opened its doors here, and in Moreno Valley developers of the 563,000-sf Stoneridge Towne Center have landed a $40 million construction loan as the Inland Empire retail juggernaut keeps rolling. The Silverhawk center, at 50-620 Eisenhower Drive, is part of the Silverhawk luxury apartment complex being developed by G Cos. and operated by Mesa Management, both of Newport Beach.
The Silverhawk site is adjacent to the La Quinta Resort and Club and is also close to transportation, dining, entertainment and other nearby shopping, notes Patrick Antrim, director of property management for Mesa Management. The apartment portion of Silverhawk will feature units of one and two bedrooms, plus a fitness center, a business center, a media center, a billiards room, a resort-style pool and spa, along with other amenities.
The Stoneridge Towne Centre in Moreno Valley, under development on a 26-acre site at the southeast corner of Highway 60 and Nason Road by Stoneridge Centre Partners, is a new power center that has landed the first Super Target in California, a 188,000-sf store that is due to open when the center debuts in 2007. Stoneridge will also include a Best Buy and Kohl's as anchors.
Burnham Real Estate's Capital Markets Group in San Diego reports that it arranged a $40 million permanent construction loan for the development of the center that was funded by Northwestern Investment Management Co. of Newport Beach. Gary Goss of Burnham Real Estate's Capital Markets Group arranged the loan.
The Super Target at Stoneridge will carry the retailer's traditional offerings as well as an upscale grocery that will include an in-store bakery, deli and produce sections. In addition to Super Target, and the 96,000-sf Kohl's, Stoneridge Centre Partners has signed a lease for a 45,000-sf Best Buy to the project.The Stoneridge center is located at the gateway of Stoneridge Ranch, a new master-planned community by Beazer Homes in East Moreno Valley. Moreno Valley is ranked as the sixth-fastest growing city in California and the 26th-fastest growing in the nation, with most of the city's newly constructed or planned housing units within a three-mile radius of Stoneridge.
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