Irvine, CA-based ValueRock Realty Partners completed the retail portion of a redevelopment of Lake Forest Gateway Center, a 92,000-square-foot mixed-use property in Lake Forest, CA. The company also received Lake Forest City Council approval to construct a Springhill Suites by Marriott at the site. Upon completion of the hotel, the reinvestment and modernization program of the entire center will be in excess of $50 million.
The highly visible property, located at 23592 Rockfield Blvd. on Lake Forest Drive, is adjacent to the 5 freeway. Four existing buildings were demolished, and the center was redesigned. Three remaining buildings were renovated, and five new buildings were added.
The retail portion, which is now nearly 100% occupied, incudes such tenants as Nektar Juice Bar, Starbucks, IHOP, Sears Appliance Center, Dickey’s Barbeque Pit, Phenix Salon, Waba Grill and Which Which.
The 99-room hotel is slated to begin construction later this year, with completion set for 2018. ValueRock also recently completed a $36.1-million refinancing of the project with Deutsche Bank.
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