Proficiency Capital Secures Loan for Inland Empire Buy
Proficiency Capital LLC has received $32.2 million in acquisition financing for McGee Business Center in Chino and Pomona, Calif., in the Inland Empire West submarket. JLL Capital Markets sourced the three-year, floating-rate loan through a bank.
McGee Business Center I and II are two fully leased Class B shallow-bay business parks totaling 231,696 square feet, in San Bernardino County. The seller was ‘C’ McGee Electric, according to CommercialEdge data.
Business Park I is at 2300 S. Reservoir St. in Pomona and was completed in 1981. It consists of four buildings totaling 129,800 square feet. Business Park II is at 12301–12395 Mills Avenue in Chino and was delivered in 1987. It comprises five buildings totaling 101,896 square feet.
The two properties total 71 industrial suites averaging 3,263 square feet. The buildings have minimal office buildouts, about 5 percent each, a JLL spokesperson told Commercial Property Executive. Tenant uses include traditional warehousing/distribution and light manufacturing space for small businesses.
READ ALSO: Inland Empire Industrial Assets Trade Less Often, but Fetch Top Dollar
McGee Business Center is less than a mile from CA-60 (Pomona Freeway) and has convenient access to CA-71 (Chino Valley Freeway) and I-10.
The JLL Capital Markets team was led by Senior Director Peter Thompson and analysts Kyle White and Nick Englhard.
Deep demand for shallow-bay
In early November, Cabot Properties acquired a four-building, 669,000-square-foot industrial portfolio in the Inland Empire from Link Logistics for $202 million. In an unusual angle, Cabot was actually repurchasing three of the four properties, having developed and built them between 2018 and 2021.
This past summer, Matthews Real Estate Investment Services reviewed the reasons for increasing interest in shallow-bay, multi-tenant industrial properties. These include the assets’ appeal to a large number of users, shorter lease terms that allow timelier ability to mark rents to market, and a relative shortage of shallow-bay spaces, as developers focus primarily on larger industrial projects.
The post Proficiency Capital Secures Loan for Inland Empire Buy appeared first on Commercial Property Executive.
