Alere Property Group has obtained $455 million in refinancing for an industrial portfolio comprising eight Class A buildings in Southern California. PGIM Real Estate provided the fixed-rate financing. JLL’s Managing Director Brian Halpern brokered the transaction.
The portfolio totals approximately 3 million square feet. It encompasses assets ranging from 50,000 to 900,000 square feet located in Los Angeles County, Orange County and the Inland Empire. All are in infill locations, near major freeways.
PGIM Real Estate Executive Director Trent Brown led the financing. In prepared remarks, Brown stated that the company’s core lending strategy focuses on industrial properties in Southern California, based on high demand and activity at the ports of Los Angeles and Long Beach.
The firm currently manages $210 billion worth of assets. Alere Property Group owns more than 120 industrial properties in the region, totaling roughly 29 million square feet, according to CommercialEdge data.
Southern California has registered the highest year-over-year industrial rent growth nationally. Rates grew 17.6 percent in the Inland Empire, 12.6 percent in Los Angeles and 10.2 percent in Orange County year-over-year as of July, a recent CommercialEdge report shows. In terms of transaction volume, the region also registered the highest figures, with the Inland Empire leading the nation at $2.8 billion year-to-date, followed by Los Angeles at $1.8 billion, the same source shows.