Affinius Capital Lends $65M on Inland Empire Industrial Build
By Andrew Coen January 9, 2025 10:35 am
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A North Palisade Partners-led joint venture has nabbed $65 million in construction financing to build an industrial development in Southern California’s Inland Empire, Commercial Observer can first report.
Affinius Capital supplied the loan on the sponsorship’s planned 358,000-square-foot 1101 California logistics facility in Redlands, Calif.
North Palisade Partners acquired the nearly 17-acre site at 1101 California Street just off Interstate 10 for $44.5 million in 2023, CO previously reported. The property was formerly a water park.
“This transaction is a compelling opportunity to finance a prime logistics facility strategically positioned along I-10, offering excellent visibility and accessibility,” Tom Burns, managing director at Affinius Capital, said in a statement. “The property’s location on the north side of the freeway enables convenient access to the I-10/215 interchange as well as the Port of Los Angeles, a cornerstone of U.S. commerce handling roughly one-third of all U.S. imports”
CBRE (CBRE) arranged the transaction with a team led by Tom Rugg, Tom Traynor and Val Achtemeier.
Located on the east side of the Inland Empire, the property will have direct highway access to the ports of Long Beach and Los Angeles along with the region’s airports. The Inland Empire has experienced wide-scale economic growth in recent years that have spurred a number of large industrial developments, but began to experience rising vacancy rates in 2023.
Officials at North Palisade Partners did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
