Birtcher Logistics Middle Fontana. Picture courtesy of JLL Capital Markets
Birtcher Growth has obtained a $49.2 million mortgage for the development of Birtcher Logistics Middle Fontana, a 330,048-square-foot industrial facility in Fontana, Calif.
JLL Capital Markets labored on behalf of the borrower to safe the three-year observe with two one-year extensions. Hartford Fireplace Insurance coverage Co. supplied the funds, in line with San Bernardino County information.
Firstly of the 12 months, the corporate acquired entitlement approval for the event. Development started final month and the venture has a supply date set for the primary quarter of 2024. Upon completion, the distribution heart will function 36-foot clear heights, 51 dock-high doorways, a 185-foot truck courtroom and 85 trailer parking stalls.
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The property is taking form at 10958 Banana Ave., on the Southwest nook of Banana and Santa Ana Avenues. The 13-acre improvement website is within the Inland Empire market, some 16 miles from San Bernardino and 12 miles from Riverside. The ability could have entry to the Southern California Freeway System via interstates 10 and 15. Dealer Joe’s, Dwelling Depot and Walmart have logistics and distribution facilities within the surrounding space.
The JLL staff that organized the financing included Senior Managing Director Greg Brown, Senior Director Peter Thompson and Analyst Spencer Seibring.
Inland Empire industrial demand
Within the first 4 months of this 12 months, the Inland Empire had 32.6 million sq. ft of commercial area underneath building, representing 5.2 p.c of inventory, a CommercialEdge report reveals. Over the previous couple of months, a number of initiatives acquired funding or had been accomplished out there.
Lovett Industrial landed $24.9 million in building financing for Rialto II, an industrial venture in Rialto, Calif. JLL Capital Markets labored on that deal as nicely and secured a mortgage from American Realty Advisors.
CapRock Companions added 1.1 million sq. ft to its current stock with the completion of two industrial properties in Norco, Calif.
Trammell Crow Co. and Washington Capital Administration additionally wrapped up the second section of Columbia Enterprise Park which encompasses 374,000 sq. ft and is positioned in Riverside, Calif.
