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SoCal Investor Dwight Manley Lands $112M for Planned Costco Redevelopment
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Commercial Observer
A Southern California investor has secured a nine-figure acquisition financing deal for a 34-acre redevelopment in Orange County, Calif., where he hopes to lure Costco to be an anchor tenant.
Funds managed by Fortress Investment Group originated the debt, which is split into $107 million in acquisition financing and a $5 million operating reserve.
JLL’s Matt Stewart, Kellan Liem, Serge Sarkissian, John Rankin and Kyle White announced the financing and represented Manley in the debt deal.
If the lease deal goes through, Manley will earn a 100 percent rebate of all sales tax revenue generated by the Costco location during its first two years of operation.
Throughout the rest of the deal, the city would collect 42.5 percent of sales tax revenue.