Brookfield Lends $138M for 90 Acres of Industrial Land in Southern California
Howard Industrial Partners acquired the assemblage for $132.8 million, or roughly $1.5 million per acre
By Greg Cornfield June 20, 2023 10:40 am
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An industrial development firm has secured a significant loan package for a big assemblage in Southern California despite the larger pullback on real estate financing.
Brookfield (BN) Property Group provided $137.8 million for an entity tracing to Howard Industrial Partners to acquire nearly 90 contiguous acres via 58 transactions that were all recorded on June 9. The acquisitions combined for $132.8 million, or roughly $1.5 million per acre, according to info provided by Vizzda.
The properties are along Jurupa Avenue just south of Interstate 10 in Bloomington, Calif., in the Inland Empire, which maintains its status as the top-performing industrial market in the nation. Vizzda researchers speculated that Howard plans to build more warehouse space as it also owns a 677,280-square-foot distribution warehouse adjacent to the new assemblage at 18676 Jurupa Avenue.
The assemblage includes 58 homes and other structures that add up to 120,761 square feet.
Neither Brookfield nor Howard Industrial were immediately available to comment.
Gregory Cornfield can be contacted at gcornfield@commercialobserver.com.
