American Realty Advisors Lends $25M to Build Lovett Warehouse in SoCal
By Greg Cornfield March 13, 2023 4:00 pmreprints
With demand still soaring, developers are looking to fit more industrial space in Southern California’s Inland Empire.
Houston-based Lovett Industrial has secured a $24.9 million construction loan for the development of Rialto II — a 114,115-square-foot Class A industrial development in Rialto, Calif. American Realty Advisors (ARA) provided the three-year, fixed-rate loan, according to JLL.
Rialto is home to a grouping of industrial users, including much larger warehouses nearby. Lovett’s 6-acre site at 1910 West Renaissance Parkway is adjacent to large distribution centers for Amazon, Target and Zara. Tenants Ricoh USA and Under Armour also have major industrial facilities nearby with landlord Prologis, just south of the 210 Freeway.
For its first deal in Southern California, Lovett acquired a 13-acre property in Highland for $51 million in September 2022, and is building a 285,000-square-foot warehouse. One year ago, ARA acquired a 202,421-square-foot Amazon distribution center in Ventura County for $50.7 million.
JLL’s Peter Thompson, Samuel Godfrey and Jordan Leake represented Lovett in securing the financing.
Gregory Cornfield can be reached at email@example.com.