Cal Oaks Plaza - A California Community Center

[Joseph Lacko]

Investment Info:

Retail other investment.

Cal Oaks Plaza is a Albertsons/Target/Reading International anchored community center in Murrieta, CA. Our group bought the land and developed the center from the ground up with the final phase built in 2001.

What made you interested in investing in this type of deal?

The land for this center was bought by our group in 1993 from a bank that had taken it back from a developer as a result of the market crash in 1991. We developed the center starting in 1995 and have held it ever since. The vision we had for the emerging market of south Riverside County in the early 90’s is what led to our desire to take this project on.

How did you finance this deal?

Current financing is a fully amortizing loan that will be paid off in approximately 12 years.

How did you add value to the deal?

The positioning of the center within the community is what has led to all of the value that has been added through the years. Our relationship with JLL as our leasing broker has provided us with some very strong new tenants in the past few a years including Baskin Robins.