IDS Real Estate Group has obtained $84 million for Azusa Industrial Center, a three-building campus in Azusa, Calif. PGIM Real Estate provided the four-year, floating-rate loan through its debt fund that focuses on transitional bridge lending.
Working on behalf of the borrower, JLL arranged the post-close acquisition financing; IDS had purchased the property in July for $126 million.
Completed between 1986 and 1987, Azusa Industrial Center comprises 432,500 square feet across its three buildings that feature clear heights ranging from 24 to 30 feet. The industrial campus has a total of 73 dock doors, seven grade-level doors and truck courts ranging from 130 to 160 feet. The property is currently 100 percent leased by four tenants.
The industrial park occupies a 23.6-acre site at 975-985 W. Eighth St., 823-829 W. Eighth St. and 875-935 W. Eighth St. The location gives its tenants easy access to Southern California’s many freeways, including interstates 210 and 605. The property is also within 40 miles of Los Angeles International Airport and the Port of Long Beach.
Senior Director Matt Stewart, Associate Ace Sudah and Analyst Daniel Skerrett led the JLL team which secured the financing for IDS. The PGIM team was coordinated by Vice President Jace Bertges.
Industrial properties across California
Los Angeles-based IDS Real Estate owns approximately $3.6 billion in assets across California and the Pacific Northwest. The firm’s property management portfolio totals 40 million square feet.
During the past 12 months, IDS has obtained several post-close acquisition loans. More recently, the firm landed $69.1 million from MetLife Investment Management, which was also arranged by JLL. The financing involved a 33-building industrial portfolio in Walnut, Calif.
IDS also obtained $124 million for a 1.2 million-square-foot cold storage facility in Riverside, Calif. Northwestern Mutual provided the 10-year, fixed-rate loan.