PGIM Refis SoCal Industrial Portfolio With $455M Loan
Alere Property Group has nabbed a $455 million debt package to refinance an eight-building industrial portfolio across Southern California, Commercial Observer can first report.
PGIM Real Estate provided the fixed rate loan as part of its core lending strategy. Trent Brown, executive director at PGIM, led the financing.
“Our core lending strategy has allowed us to consistently invest in the industrial sector, particularly in Southern California, where bulk distribution properties are in high demand given the population base and activity at the ports of Los Angeles and Long Beach,” Brown said in a statement. “We remain bullish on the industrial asset class despite headwinds in some real estate sectors and parts of the greater economy.”
JLL (JLL)’s Brian Halpern arranged the transaction.
The industrial assets total roughly 3 million square feet in Los Angeles County, Orange County and the Inland Empire. Buildings in the portfolio range in size from 50,000 to 900,000 square feet with all properties located in infill locations and close to major freeways.
Officials at Newport Beach, Calif.-based Alere Property Group did not immediately return a request for comment.
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