Updated Dec 4, 2024
Bellwether Enterprise Secures $66.5M Construction Loan For Wood Investments In Perris
1688 Perris Boulevard
$66,500,000
$182/SF
Building Size
363,582 SF
Asset Type
Retail
Closing
Jun 13, 2024
About this deal
AI
The property involved in this transaction is a 363,582-square-foot retail center located at 1688 Perris Boulevard in Perris. Wood Investments, owned by Patrick M. Wood, is the landlord of the Plaza de Perris, which is undergoing expansion to include a Target store. The retail center is already 99% leased and features tenants such as Ross Dress for Less, Ulta Beauty, Burlington Coat Factory, Planet Fitness, and Five Below.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $66,500,000
- Loan Type: Construction Loan
- Brokers: Josh Boehling & Tom Kenny - Bellwether Enterprise (BWE)
Bellwether Enterprise (BWE), represented by Josh Boehling & Tom Kenny, secured a $66.5 million construction loan for Wood Investments' expansion of Plaza de Perris. This financing will facilitate the addition of a Target store to the retail center, further enhancing the diverse tenant mix that includes popular brands like Ross Dress for Less, Ulta Beauty, and Burlington Coat Factory.
On the Map
$66,500,000
$182/SF
Retail
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Players
Perris Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93