PGIM Secures $66M for Inland Empire Industrial Deal
- May 15, 2020
PGIM Real Estate has provided $65.9 million in acquisition financing for a 1 million-square-foot industrial facility in Riverside, Calif. The borrower, TA Realty, took the eight-year, fixed-rate loan to fund its $131.7 million purchase of the property from Dedeaux Properties earlier this year.
CBRE Executive Vice President Val Achtemeier secured the financing. The brokerage also had represented Dedeaux in the sale earlier this year.
The Class A property features 36-foot clear heights, truck courts ranging from 140 to 185 feet, and 147 cross-dock loading doors. The asset also includes 11,400 square feet of office space and 355 parking spaces. The property is occupied by a tenant in the health-care industry under a 10-year, triple-net lease.
Located on 52 acres at 6275 Lance Drive, the facility is within a 920-acre master-planned industrial park. Interstate 215 and State Route 60 are 1 mile from the property. The facility neighbors several major regional distribution centers for tenants including Amazon, Pepsi and Kroger.