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Blackstone (BX)’s Link Logistics has secured $145 million of construction financing to build a new industrial development in Southern California’s Inland Empire region, Commercial Observer has learned.
Heitman provided the loan on the sponsorship’s planned Altitude Business Centre six-property logistics park project in Chino, Calif., while Colliers (CIGI) arranged the transaction with a team led by Peter Nicoletti, Dylan Kane and Zach Redding.
The project is slated for completion in 2024.
“The project’s best-in-class sponsorship profile coupled with strength of the Inland Empire industrial market generated strong interest in this financing opportunity from construction debt providers,” Kane said in a statement.
Located at 7311 Kimball Avenue, 40 miles from Los Angeles, the Altitude Business Centre development will feature more than 500,000 rentable square feet with 92 dock doors, 12 drive-in doors, 39 trailer parking spaces and 619 automobile parking spaces. There will be flexibility with the development for either multiple users or one tenant who takes on the entire 500,000 square feet.
The Inland Empire has seen the largest warehouse rent gains in the nation this year with in-place rents increasing 17.4 percent over the past 12 months, according to CommercialEdge’s most recent industrial market report. The region’s industrial vacancy rate is a low 2.7 percent with 31.1 million square feet under construction.
Officials at Heitman did not immediately return a request for comment. Blackstone declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
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