PGIM Lends $84M for SoCal Industrial Center
IDS Real Estate acquired the three-building industrial park for $126 million in June
By Greg Cornfield October 13, 2023 2:50 pm
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PGIM is big on Southern California.
The firm provided $84.2 million in acquisition financing for the fully leased Azusa Industrial Center in the San Gabriel Valley region of Los Angeles County. The borrower, IDS Real Estate Group, acquired the three-building industrial park for $126 million in June, records show.
JLL (JLL) announced the financing Friday and represented the borrower on the four-year, floating-rate loan.
The industrial center spans 432,500 square feet that’s leased to four tenants. It was built between 1986 and 1987 on 23.6 acres in Azusa, Calif., near Interstates 210 and 605.
Jace Bertges led the negotiations for PGIM Real Estate, while the JLL Capital Markets team was led by Matt Stewart, Ace Sudah and Daniel Skerrett.
“Despite continued market volatility, we are finding there is ample liquidity for well-located infill industrial properties with strong fundamentals and institutional sponsorship,” Stewart said in a statement.
PGIM Real Estate serves as the $210 billion global asset financing business of Prudential Financial. Just in the past month, Commercial Observer reported that PGIM provided a $455 million debt package to refinance an eight-building industrial portfolio across Southern California; $143.5 million in bridge debt for a pair of newly constructed multifamily projects in L.A.; and $25 million in refinancing for a manufactured housing community in Calabasas.
Meanwhile, Los Angeles-based IDS manages a 40 million-square-foot portfolio with approximately $3.6 billion in assets. The firm notably secured an expansion office lease last quarter with popular social media platform TikTok.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
