SAN DIEGO--(BUSINESS WIRE)--Canyon Capital Realty Advisors LLC (Canyon Realty) has funded a $40 million senior construction loan to an affiliate of The Shamrock Group, LLC, (Shamrock Group) to finance the construction of an outlet shopping center adjacent to the San Ysidro border crossing in San Diego (The Outlets at the Border). The Outlets at the Border project will include 140,000 square feet of retail space consisting of four separate buildings on ten acres of land. The center is slated to open before the 2014 holiday shopping season.
“This is a significant transaction that will enable the completion of what has become one of San Diego’s, and one of America’s, premier retail centers,” said Canyon Realty President Jonathan Roth. “We are pleased that our investment will help meet the tremendous multicultural and cross-border retail demand in an area undergoing tremendous investment.”
The Outlets at the Border will become the new front door to the United States and the highly successful Las Americas retail commerce area. The newly constructed outlets will be the closest stores to the San Ysidro Port of Entry, including the new pedestrian border crossing that is slated to open in 2015 and the new vehicle entry into Mexico known as El Chaparral, which opened in November 2012. The San Ysidro Port of Entry is the largest land border crossing between San Diego and Tijuana and the busiest crossing in the Western Hemisphere with nearly 100 million people traveling across the border each year, including more than 26 million pedestrians. In addition, the government has sponsored an expansion of the border crossing that will result in a $732 million overhaul of the entry.
Las Americas is situated in a populous, diverse and relatively affluent total trade area of 3 million people and over 900,000 households. Tenants within the new outlet center will include a mix of name brand shops and restaurants that complement the existing retailer mix in the Las Americas Premium Outlets, including Coach, Nike, Polo Ralph Lauren and Hugo Boss. The Shamrock Group has assembled many of the top national and international retail brands to create an exciting new line-up at the border. The Outlets at the Border will be the final phase of the Las Americas Master Plan, which includes the development of approximately 800,000 square feet of retail space.
“We are excited to bring a variety of new, top-quality retailers into this exceptionally vibrant retail environment that has continued to thrive with consistent high traffic levels, industry leading sales volumes and low vacancies,” said Randy Levinson of Shamrock Group. “With Canyon Realty’s financing in place, we expect The Outlets at the Border to be a tremendous success, similar to our Plaza at the Border development, which was completed last year and is already substantially leased to a strong roster of credit tenants including TJ Maxx and Ross.”
About Canyon Capital Realty Advisors LLC
Canyon Capital Realty Advisors LLC is the real estate direct investing arm of Canyon Partners, LLC. Founded in 1990, Canyon Partners and its affiliates are investment management firms and registered investment advisors headquartered in Los Angeles, with approximately $23 billion in assets under management.
Canyon Realty funds focus on providing value-added debt and equity capital to real estate owners, operators, developers, mortgage lenders and corporations involved in time-sensitive and complicated projects, as well as on markets and transactions that are often overlooked, misperceived and difficult to underwrite. Since its formation, Canyon Realty has completed over $5.1 billion of investments involving commercial real estate and mortgage assets with a total value of over $12.6 billion.
About Shamrock Group
The Shamrock Group, LLC, is a San Diego-based real estate development and investment firm founded by Michael K. Binkle and Randy A. Levinson. The group primarily focuses on acquisition, development, and investment in commercial, office, industrial and retail real estate within the western United States.
For more information about The Shamrock Group, LLC, visit www.theshamrockgrp.com.