MetLife Lends $69M on Industrial Purchase Near LA
By Andrew Coen February 8, 2023 11:37 am
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IDS Real Estate Group has sealed $69.1 million in post-acquisition financing for its purchase of a 33-building light industrial portfolio in Walnut, Calif., a city in Los Angeles’ San Gabriel Valley, deal parties announced Wednesday.
MetLife Investment Management provided the loan on IDS’s Walnut Business Park, which the developer recently acquired for $108.6 million, as Commercial Observer reported in early January.
The property, which was previously owned by Vogel Properties, totals 334,824 square feet on 22.6 acres at the northeast corner of Valley Boulevard and South Lemon Avenue, near the junction of California state routes 60 and 57.
JLL (JLL) arranged the transaction with a capital markets debt advisory team led by Matt Stewart and Chris Jaffe.
“Despite macro headwinds, demand for core industrial real estate remains strong,” Stewart said in a statement. “We worked with MetLife Investment Management to structure a highly bespoke financing solution that achieved all the sponsor’s objectives.”
Officials at MetLife and IDS did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
