SAN DIEGO, CA – HFF announced today that it has secured $40 million in financing for the development of The Outlets at the Border, a 140,000-square-foot retail outlet center along the U.S./Mexico border in San Ysidro, California.
Working exclusively on behalf of The Shamrock Group, LLC, HFF placed the $40 million construction loan with Canyon Capital Realty Advisors.
Slated for completion in October 2014, The Outlets at the Border is currently under construction and is in the pre-leasing stage with many of the industry’s top national and international retail brands already signed. The newly constructed outlets will be the most proximate stores to the San Ysidro Port of Entry, including the new pedestrian border crossing, slated to open in 2015, and is adjacent to the new vehicle entry into Mexico known as El Chaparral, which opened in November 2012. The San Ysidro Port of Entry is the busiest crossing in the world with approximately 100 million crossings per year including more than 26 million pedestrians. The Outlets at the Border will be the final phase of the Las Americas Master Plan that includes the development of approximately 800,000 square feet of retail space
The HFF team representing the Shamrock Group, LLC was led by managing director Aldon Cole and senior managing director Tim Wright.
“The Outlets at the Border will become the new front door to the United States and the highly successful Las Americas retail commerce area. 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 levels of traffic, top of industry sales volumes and low vacancies,” said Randy Levinson of 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
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.