May 14, 2020
PGIM Real Estate arranged $66 million in acquisition financing for a one-million-square-foot industrial facility in Riverside. The fixed-rate loan was arranged on behalf of a borrower advised by TA Realty and carries an eight-year term.
Located at 6275 Lance Dr., the Class A industrial property spans 47 acres and is fully-leased to an unnamed investment-grade tenant in the health care industry through a 10.5-year NNN lease. The property features 36-foot clear heights, truck courts ranging from 140 to 185 feet in depth, and 147 cross-dock high doors.
PGIM Real Estate’s Brett Ulrich, who led the transaction on the firm’s behalf, says, “The successful execution of this transaction within an uncertain economic environment is a testament to the strength of the asset, which has a long-term lease with a credit tenant and is situated in one of the most desirable industrial submarkets in the country.”
The financing was brokered by a team led by CBRE’s Val Achtemeier.
For comments, questions or concerns, please contact Dennis Kaiser