Northwestern Mutual Lends $124M on Cold-Storage Facility
IDS Real Estate Group acquired the property for $225 million
By Greg Cornfield September 26, 2022 4:55 pm
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The tired adage still stands true: Cold storage is a hot commodity.
Northwestern Mutual has provided a 10-year, fixed-rate loan of $124 million in acquisition financing for 1.17 million square feet of cold-storage space in Riverside, Calif. The borrower, IDS Real Estate Group, acquired the property for $225 million in February, records show.
JLL (JLL) announced the financing and represented IDS in securing the loan.
The site at 14950 Meridian Parkway is fully leased to United Natural Foods, the largest publicly traded wholesale distributor serving the United States and Canada. About 39 percent of the development is cold storage and 61 percent is temperature-controlled dry storage.
The warehouse was completed in 2007 and subsequently renovated and expanded in 2020 on 59.4 acres adjacent to Interstate 215.
Founded in 1986, Los Angeles-based IDS is a privately held owner, operator and developer with 40 million square feet of space and approximately $3 billion in assets. Less than a year ago, IDS acquired a fully leased industrial business park with 330,946 square feet in L.A. County for $108.6 million.
The JLL team representing IDS included Paul Brindley, Matt Stewart and Alethia Halamandaris.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
