HFF Arranges Financing for Perris Industrial Project Aiming to Capture Market Improvement
- Sep 28, 2015
The Inland Empire is an industrial market powerhouse with development and absorption recording all-time highs during some points in 2015. Those stats mean the appeal with investors is reaching critical mass, leading to deals such as a recently-completed HFF financing deal. The company’s debt placement and equity placement teams arranged $42 million in joint venture equity and construction financing for the development of an industrial project in Perris.
Set to take shape on a 31-acre site at 278-290 Markham St. that the developer acquired earlier this summer, Perris Circle Industrial Park will total around 594,000 square feet of industrial space once finished. The park will consist of two buildings, with the smallest of them totaling 120,000 square feet of space, 24 dock high doors with a 32’ clear height and parking that will accommodate 31 trailers. The larger building will total 474,000 square feet of industrial space as well as parking for 153 trailers, 112 dock high doors and 36’ clear height.
Developer Circle Industrial is developing the Perris asset alongside joint venture equity partner Cigna Realty Investors. HFF’s equity placement team was led by Anthony Brent and Kevin Mackenzie, both senior managing director with the company, as well as Ryan Martin, managing director. Managing Directors Todd Sugimoto and Mark Winter led the company’s debt placement team, in charge of arranging construction financing for the partnership from Wells Fargo Bank. Developers broke ground on the project last month and are estimating its completion for early 2016.