Clothing Company Secures $97M Loan for SoCal Distribution Center
A clothing company has acquired a new distribution center in Southern California’s Inland Empire after securing $97.4 million in financing.
2253 Apparel Inc. purchased the new development at 100 Walnut Avenue in the city of Perris with a $65 million loan from Israel Discount Bank of New York and $32.4 million from Valley National Bank, according to data provider Vizzda. The clothing company did not return requests for comment.
The recently completed warehouse includes 205,830 square feet on nearly 10 acres at the corner of Indian and Walnut avenues, near many other distribution centers and warehouses under construction for companies including Amazon (AMZN), The Home Depot, Lowe’s, Hanes and more.
Dedeaux Properties built 100 Walnut and sold it for $41.1 million in a deal that closed last month. Avison Young represented Dedeaux and had announced the sale but did not disclose the sales price or the name of the buyer.
Avison Young’s Cody Lerner and Stan Nowak represented Dedeaux. Nowak said the Inland Empire continues to be one of the hottest industrial markets in the nation, “where user demand is outpacing construction deliveries despite a robust development pipeline.”
“We believe this trend will continue for the foreseeable future and will bolster development and capital investment despite macro-economic headwinds,” Nowark said in a statement after the sale.
Gregory Cornfield can be reached at firstname.lastname@example.org.