PERRIS, CALIF. — BWE has arranged $66.5 million in construction financing for a new phase of development at Plaza de Perris, a retail center located in the Inland Empire city of Perris. Upon completion, the property will span 363,582 square feet and feature a Target location.
Wood Investments, the borrower and developer, purchased the center in 2017 and previously completed the addition of 118,000 square feet of retail space at the property in 2019 and 2020.
Upon completion of construction, Target will join the center as a tenant. Other tenants at the center, which was 99 percent leased at the time of financing, include Ross Dress for Less, Ulta Beauty, Burlington Coat Factory, Planet Fitness and Five Below.
Tom Kenny and Josh Boehling of BWE secured a $55.5 million loan through a life insurance company, as well as an $11 million joint-venture equity investment, on behalf of the borrower.