Clarion Partners LLC has provided a $10-million mezzanine loan subordinate to a $70-million senior loan for an acquisition financing package collateralized by a Class A, 600,000-square-foot industrial building located in Riverside. The property is 100% leased and serves as the headquarters for a third-party logistics provider. Built in 2019, it features 36’ clear ceiling heights, 84 dock high doors, 148’ to 180’ secured concrete truck court depths, ESFR fire sprinklers and LED light fixtures as well as 98 trailer parking stalls.
Managing Director Drew Fung commented on the investment opportunity: “We believe that this is compelling based on Clarion Partners’ firsthand knowledge of the Inland Empire industrial market. Strategically speaking investments in Class A industrial product within distribution markets with strong fundamentals have potential for durable cash flow and value over time.”
