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| Pacific Business Center, 5600 Rickenacker, Bell, CA |
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| Brian Torp |
IRVINE, CA – HFF announced today that it has arranged $73.8
million in financing for Pacific Business Center, a multi-building
industrial development in Bell (Los Angeles County), California.
HFF
worked on behalf of the borrower, Pacific Industrial, to structure and secure
the non-recourse participating loan through a global investment firm. Loan proceeds will be used to acquire and develop
the project.
Plans
call for the construction of three Class A industrial warehouse buildings
totaling more than 400,000 square feet on a 22.8 acre portion of the site. The remaining 13.7 acres are currently
leased to BNSF.
The site is located at 5600 Rickenbacker, adjacent to
the 710 Freeway, two miles south of the 5 Freeway interchange, and about six
miles southeast of downtown Los Angeles.
The
HFF team representing the borrower was led by associate director Brian Torp
and senior managing director Don Curtis.
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| Don Curtis |
“The
majority of the inventory in the central Los Angeles market is functionally
obsolete. Pacific Business Center will
be the best-in-class industrial project in this submarket, and the structure of
the non-recourse financing will allow the sponsor to own the asset long term,”
said Torp.
Pacific Industrial is an industrial real estate development and
acquisition platform exclusively focused on industrial real estate in Southern
California.
The principals have been involved with the development
and/or acquisition of more than 15 million square feet of industrial product
and are currently developing and entitling over 2.0 million square feet.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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