Thorofare Capital has funded a $1,820,493 REO acquisition loan for Opus Pine Center, a two-building, 17,084 square foot, 2006-constructed retail property. The sponsor acquired the property at an auction, which was facilitated by a special servicer who foreclosed on the previous owner.

The loan closed in just two weeks from application to facilitate the highly discounted, auction-driven purchase price of $10,000,000. At the time of closing, the property was 39% leased to five tenants.

Opus Pine Center is prominently located at the intersection of Pine Avenue and Butterfield Ranch Road at the base of Pine Ridge Estates, an upsacle community. The Chino Valley Freeway (State Route 71) is easily accessible and approximately a quarter mile to the east of the property via Pine Avenue. In addition, Opus Pine Center’s retail and restaurant tenants benefit from the property’s location just west of Pine Corporate Center, a 100,000+ square foot office development that provides significant daytime traffic to the property.

Suite A in the smaller building is a currently vacant drive-through site located on the end of the property, formerly occupied by Starbucks. Starbucks vacated the property because it was paying an above-market rent of $5.00 per square foot and this location was part of a 400 store nationwide closure. The borrower is currently in discussions with Starbucks to move back in to the space at a fraction of the former rent now that the borrower’s basis is so much less than that of the previous owner’s. The retail center offers abundant parking at a ratio of 5.9 spaces per 1,000 rentable square feet.