Development of 50,532 SQFT Industrial, 36,969 SQFT Retail
Parkview Financial has funded a $19.8 million loan to Temecula, CA-based W Development Partners for the development of the first phase French Valley Commons. Phase one will include a nine-building mixed-use project situated at the northwest corner of Leon Road and Benton Road in the French Valley area of Winchester, CA, a city within the greater Temecula submarket (southwest Riverside County).
The nine buildings will total 87,231 square feet (sf) and will include six retail buildings totaling 36,524 sf and three flex/light industrial buildings comprising 50,532 sf. Three of the planned retail buildings have already been pre-leased to users including: O’Reilly Auto Parts, Dollar Tree and Jiffy Lube. With the closing of this loan, construction has now commenced on the three leased retail parcels and the largest light industrial building which will total 22,925 square feet. The four buildings are anticipated to be completed in early- to mid-2021. The timing for construction on the remaining five buildings has not yet been determined.
“Parkview Financial is happy to have the opportunity to work with this experienced, local developer who will be creating a quality project in a growing Inland Empire submarket,” said Paul Rahimian, CEO of Parkview Financial. “We see French Valley Commons as a development that will help to meet an untapped demand for retail and industrial property here.”
Although construction has just begun, the industrial buildings have had significant interest from regional owner-users. Gordon Mize of Lee & Associates is marketing these buildings for lease or sale. The remaining retail buildings have had interest from local, daily needs retailers. All the buildings are situated on individual land parcels which will enable the ownership the option of selling them individually once tenants are in place.
The second phase of French Valley Commons is entitled for another 52,000 sf of retail and industrial buildings and the timing for development is based on interest and lease up for the first phase. The entire French Valley Commons project is situated on a 14.19-acre land parcel.
The French Valley Commons project is located at the intersection of Winchester and Benton Road. This location along with surrounding land parcels, is the commercial center for the area. It is anchored by the French Valley Village Center with Stater Bros grocery store built in 2003. The area is served by major north/south CA Highway 79 / Winchester Road, a four-lane divided highway that travels the entire north/south length of Riverside County and continues north into San Bernardino and south to San Diego.
Over recent years, the City of Winchester, which is approximately eight miles from Temecula and was once very rural and agricultural in nature, has been experiencing significant housing growth, primarily large subdivision developments. The increase in housing has created a growing demand for retail and commercial projects to support the area.