Inland Empire Warehouse Secures $75M in Construction Financing
By Greg Cornfield August 22, 2023 2:45 pm
reprints
A Class A logistics development underway in Southern California’s Inland Empire has secured $75 million in construction financing, JLL (JLL) announced.
Principal Global Investors provided the nonrecourse loan for Birtcher Development’s 492,631-square-foot project in Rialto, Calif.
The development named Birtcher Logistics Center Rialto is rising over 21 acres. It includes 5,642 square feet of ground-floor office space and 5,221 square feet of mezzanine space, as well as 90 trailer parking spaces and 287 car parking spaces. Located at the corner of Willow Avenue and Valley Boulevard, the project is three miles from the Union Pacific Intermodal Yard and five miles from the BNSF Intermodal Yard, and also provides immediate access to Interstate 10.
Southern California continues to see the largest warehouse rent gains in the nation, with in-place rents jumping a massive 17.4 percent in the Inland Empire over the last 12 months, according to Commercial Edge’s most recent industrial market report. The region boasts a low vacancy rate of 2.7 percent, and a whopping 31.1 million square feet under construction.
JLL’s Greg Brown, Peter Thompson and Spencer Seibring represented the borrower and facilitated the financing.
Newport Beach-based Birtcher Development develops, owns and manages speculative “big box” logistics warehouse facilities ranging from 100,000 square feet to 1.5 million square feet.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
