Grocery-anchored retail center secures $13.4M in financing

LOS ANGELES, Feb. 16, 2023 – JLL Capital Markets announced today that it has closed the $13.4 million refinancing for the District Moreno Valley, a brand-new, 52,081-square-foot, Sprouts-anchored retail center located in Moreno Valley, California.

JLL represented the borrower, Ledo Capital Group, to secure financing with Manufacturers Bank.

Completed in 2022, the District Moreno Valley is anchored by Sprouts. Additional tenants include KFC, The Joint Chiropractic, WSS and Starbucks.

Located at the intersection of the 60 Freeway and Heacock Street, the District Moreno Valley offers unparalleled retail visibility of over 58 million vehicles on an annual basis. Moreno Valley is the second largest city in the Inland Empire based on land area and has an abundance of land for future residential development, allowing it to maintain its status as one of the fastest growing cities in the state for the foreseeable future. 

The JLL Capital Markets Debt Advisory team that represented the borrower was led by was Senior Director Matt Stewart and Analysts Chris Jaffe and Daniel Skerrett.

“The District Moreno Valley is a case study on how to reposition real estate into its highest and best use. This was a transformative project to the area and JLL was honored to be a part of the process,” said Stewart.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Ledo Capital Group (“LCG”) is a diversified investment company that provides strategic investment capital to operators, developers, and real estate professionals in the capitalization of opportunistic and value add oriented projects in Southern California, Texas & other select western markets. LCG focuses on the acquisition of industrial, retail and multi-family assets through the deployment of flexible capital structures within both the LP & GP capital stack. With the capability to deliver any required expertise in the acquisition, development or repositioning of properties as well as any required asset management services, LCG partners can benefit significantly from these enhanced operational synergies. LCG raises capital through its private and institutional investors offering partners the ability to scale operations and focus on the acquisition side of the business, relying on the expertise of LCG to quickly underwrite and fund through its private capital fund. LCG’s capabilities include advisory services, where LCG may leverage its relationships and deep track record with institutional capital as a potential source of a joint venture capital.