JLL Secures $24M Loan for Inland Empire Warehouse Buy
- Sep 08, 2020
JLL Capital Markets has secured a $23.7 million financing package for the purchase of Pellisier Logistics Center, a 232,588-square-foot, newly built industrial warehouse and distribution property in Colton, Calif. The brokerage’s Marc Schillinger, Keith Rosso and Eric Boucher assisted the borrower, a privately-owned apparel manufacturer.
Thorofare Capital provided the 2-year, fixed rate mortgage within 6 days of the loan application. Concurrent with the deal closing, the warehouse was 100 percent leased for an initial term of 10 years. Additionally, the triple-net lease has two five-year renewal options.
Hillwood Investment Properties, a Perot Company, developed sold the asset. The seller funded the development with a $15.1 million construction loan from Pinnacle Financial Partners in 2019, according to Yardi Matrix data. The company finalized the project earlier this year.
The single-story building occupies a 13-acre parcel at 1901 W. Center St. The facility features 36- to 42-foot clear heights, an ESFR sprinkler system, two grade level and 24 dock high doors. The site is close to Interstate 215 and 11 miles southwest of San Bernadino International Airport.
In August, a different JLL team arranged the $7.8 million sale of a 141,000-square-foot industrial building in Tempe, Ariz. The company represented the buyer, Arizona Custom Blends and arranged an $11.8 million acquisition and development loan from a national bank.