August 12, 2019 Comments Off on Mesa West Delivers $88M for Newly-Built 1M-SF Riverside Industrial Views: 702 California News, Inland Empire

Mesa West Delivers $88M for Newly-Built 1M-SF Riverside Industrial

Mesa West Capital provided an $87.95-million, five-year, floating rate debt package for the acquisition and lease-up of a recently delivered one-million-square-foot industrial building in Riverside, CA’s Sycamore Canyon submarket. The sponsor, a JV led by Los Angeles-based Dedeaux Properties, acquired the asset from unnamed institutional industrial developer through a forward transaction.

Situated on 52-acres of land, the cross-dock building features 147 dock-high doors, a 710-foot building depth, 185-foot secured concrete truck courts, and a 36-foot clear height. Given the property was being delivered vacant, the loan was capitalized with a future funding facility for leasing costs.

Strong market fundamentals, coupled with an experienced local owner and operator of the newly-constructed institutional quality building, were big draws. Mesa West’s Danielle Duenas notes, “We’re continuing to look to finance industrial product in select markets, a space where bridge financing has not traditionally been utilized, given the construction to perm dynamic and competitive landscape for this asset class.”

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