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Real Estate

Refi loan for Rancho Mirage shopping center

Newmark Knight Frank has arranged a $30 million loan that will be used to refinance the Rancho Las Palmas Shopping Center in Rancho Mirage. The project, which covers 163,500 square feet at Bob Hope Drive and Highway 111 is about 85 percent leased, according to a statement. Tenants include CVS, …

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Report: real estate cap rates to stay stable

Cap rates, which indicate the rate of return expected to be generated on a real estate investment property, are expected to remain stable this year, according to CBRE. “Sustained investor interest in the region’s robust infrastructure, globally integrated economy, and diversified workforce continue to keep area cap rates at or …

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Fontana retail anchor tenant sold

A building in Fontana that is home to a Sprouts Farmers Market has been sold. The 30,000 square-foot structure in the Highland Village Shopping Center sold for $10.4 million, according to a statement released by Hanley Investment Group, a real estate investment advisory company in Corona del Mar. That works …

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CAR backs Newsom

The California Association of Realtors has given Gov. Gavin Newsom its stamp of approval, after Newsom called for more homebuilding statewide. In his recent State of the State address, Newsom said the state must cut red tape and come up with ways to get more houses built, much to the …

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Inland Empire sees January rent growth

Average rent of multifamily properties in the Inland Empire grew 4.6 percent in January compared with January 2019, according to a report. The occupancy rate in Riverside and San Bernardino counties – 96 percent – was virtually unchanged from exactly one year earlier, Santa Barbara-based Yardi Matrx reported in its …

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State housing affordability holds steady

“Underwater” Houses Decline in IE

Housing affordability in California held its ground during the fourth quarter, according to the California Association of Realtors. Thirty-one percent of all households statewide could afford the $607,040 median-priced home in the fourth quarter of 2019, unchanged from the third-quarter 2019 and up from 28 percent year-over-year, the association reported …

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