June 23, 2020
Cleveland-based Bellwether Enterprise Real Estate Capital LLC closed a $97.7 million loan for five warehouse and distribution buildings in SoCal. Four of the buildings are located in Los Angeles’ South Bay submarket, and the fifth building is located in the Inland Empire West submarket.
The warehouse or distribution buildings have minimal office build-out and are concrete tilt-up construction ranging in size from 60,000 to more than 500,000 square feet. The total leasable area is nearly 950,000 square feet.
Bellwether Enterprise’s Shelley Magoffin and Max Sauerman arranged the 25-year fully amortizing loan with Thrivent Financial, a correspondent life insurance company.
“This transaction epitomized teamwork. The loan was quoted, rate-locked and closed all during the COVID-19 lockdown,” said Magoffin.
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