DECA Gets $135M for Inland Empire Project
A joint venture of DECA Cos. and Wildcat Capital Management has received a $135 million loan to finance the development and lease-up of an 850,000-square-foot industrial property in Perris, Calif. Bank OZK was the senior lender, while Affinius Capital originated the subordinate portion of the note.
The partners broke ground on Perris Gateway in January. Apart from the logistics component, the development also includes a 37,000-square-foot retail component that is already presold.
Upon completion, the warehouse will feature 40-foot ceiling heights, 124 dock-high doors, four drive-in doors and 4,000 amps of power, as well as 348 auto parking stalls and 308 trailer parking stalls.
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The site is just off Interstate 215, at the intersection of Ramona Expressway and Nevada Road, 75 miles from both the Port of Long Beach and the Port of Los Angeles. The location also provides connectivity to such key markets as Las Vegas, Phoenix, San Diego and Tucson, but also San Francisco, Reno, Salt Lake City and Albuquerque.
Affinius Managing Director Tom Burns said, in prepared remarks, that the Inland Empire is seeing strong leasing velocity for industrial buildings larger than 750,000 square feet and that this will be one of only a few large cross-dock buildings newly available for lease in 2025.
DECA did not reply to Commercial Property Executive’s request for additional information.
Sustained growth
In February, CPE reported in depth on the industrial sector in Riverside and San Bernardino counties, noting that despite being one of the nation’s largest industrial markets, the Inland Empire continues to grow—as a percentage of current inventory—at a rate higher than all but two other markets, Phoenix and Dallas.
And in July, a market update based on CommercialEdge data showed that both space in the development pipeline and deliveries have surged since 2023. However, vacancy rose by 4.4 percentage points year-over-year as of May.
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