Developer to Renovate Retail Center

MORENO VALLEY, CA-Cadence Capital has obtained a $6.78 million bridge loan to acquire and rehabilitate Sunnymead Town Center, a 160,783-sf shopping center at the intersection of Alessandro Avenue and Perris Boulevard in Moreno Valley that formerly was anchored by a Kmart.

The one-year loan covered 87% of the total cost on a non-recourse basis, according to Leslie Lundin, a senior vice president with the Walnut Creek, Calif. office of Inland Mortgage Corp., which arranged the financing. The property was less than 77% occupied at closing, according to Lundin, who says the borrower plans to spend more than $1 million renovating the center.

Cadence Capital has signed Fiesta Foods and the 99 Cent Only Store to anchor the center. Fiesta Foods caters to the Hispanic population, which is growing in Moreno Valley, Lundin notes. His comment is borne out in the city’s annual “Community Conditions Report,” which shows that besides growing in numbers, Moreno Valley’s population is changing in demographics.

The report says the largest increase in any ethnic group in the city is in the Hispanic population, which has grown by 28,281 in the past 10 years and now numbers more than 55,000. The population growth in the Hispanic community is part of overall growth in the city, which was once sparsely settled but became one of the nation’s fastest-growing communities for a time during the 1980s.

The Sunnymead center is approximately 20 years old and consists of four separate buildings. Planned construction includes roof and parking lot repairs and tenant improvements. Cadence Capital was represented by Charley Babb of Johnson Capital. Inland Mortgage Corp. is part of The Inland Real Estate Group of Companies, based in Oak Brook, Ill.