Proficiency Capital LLC has obtained $32.2 million in acquisition financing for McGee Enterprise Middle in Chino and Pomona, Calif., within the Inland Empire West submarket. JLL Capital Markets sourced the three-year, floating-rate mortgage by way of a financial institution.
McGee Enterprise Middle I and II are two totally leased Class B shallow-bay enterprise parks totaling 231,696 sq. toes, in San Bernardino County. The vendor was ‘C’ McGee Electrical, in response to CommercialEdge knowledge.
Enterprise Park I is at 2300 S. Reservoir St. in Pomona and was accomplished in 1981. It consists of 4 buildings totaling 129,800 sq. toes. Enterprise Park II is at 12301–12395 Mills Avenue in Chino and was delivered in 1987. It contains 5 buildings totaling 101,896 sq. toes.
The 2 properties complete 71 industrial suites averaging 3,263 sq. toes. The buildings have minimal workplace buildouts, about 5 % every, a JLL spokesperson instructed Business Property Government. Tenant makes use of embody conventional warehousing/distribution and lightweight manufacturing area for small companies.
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McGee Enterprise Middle is lower than a mile from CA-60 (Pomona Freeway) and has handy entry to CA-71 (Chino Valley Freeway) and I-10.
The JLL Capital Markets crew was led by Senior Director Peter Thompson and analysts Kyle White and Nick Englhard.
Deep demand for shallow-bay
In early November, Cabot Properties acquired a four-building, 669,000-square-foot industrial portfolio within the Inland Empire from Hyperlink Logistics for $202 million. In an uncommon angle, Cabot was really repurchasing three of the 4 properties, having developed and constructed them between 2018 and 2021.
This previous summer time, Matthews Actual Property Funding Companies reviewed the explanations for growing curiosity in shallow-bay, multi-tenant industrial properties. These embody the belongings’ attraction to numerous customers, shorter lease phrases that enable timelier skill to mark rents to market, and a relative scarcity of shallow-bay areas, as builders focus totally on bigger industrial initiatives.
