JLL Capital Markets secures $84 million in post-close acquisition financing for Azusa Industrial Center, a 432,500-square-foot industrial park located in Azusa. The borrower, IDS Real Estate Group, was represented by managing director Matt Stewart and his team consisting of associate Ace Sudah and analyst Daniel Skerrett. They successfully obtained a four-year floating-rate loan from PGIM Real Estate’s debt fund focused on transitional bridge lending. VP Jace Bertges led the PGIM Real Estate team.
The three-building industrial property was built between 1986 and 1987 and is currently fully leased to four tenants with institutional-grade specs. In July of this year, IDS acquired the property for $126 million.
Stewart stated that despite market volatility, there is still significant liquidity available for well-located infill industrial properties with strong fundamentals and institutional sponsorship.
This news originally appeared on Connect CRE without mentioning any specific organization or location names.
