 |
| Don Curtis |
IRVINE, CA – HFF announced today that it has secured a $54
million refinancing for a distribution center and warehouse facility in Ontario,
California, that is the main distribution center for Pier 1 Imports, Inc.’s
West Coast operations.
HFF
worked exclusively on behalf of the borrower, institutional investors advised
by J.P. Morgan Asset Management, to secure the fixed-rate loan through
Cornerstone Real Estate Advisers.
Funds
will be used to refinance an existing loan and construct a 243,665-square-foot
expansion for Pier 1, bringing the total square feet of the center to 991,110 when
completed in 2015.
The
Pier 1 distribution center is situated on 46.58 acres at 3000 East Philadelphia
Street, directly off of the South Haven exit from the Pomona Freeway
(SR-60).
The asset is less than four
miles south of the Los Angeles/Ontario International Airport and 55 miles from
the ports of Los Angeles and Long Beach.
 |
| Brian Torp |
Built in 1999 as a build-to-suit for Pier 1, the single-story building
has a 30-foot clear height and 54 dock-high loading doors. The planned expansion will add 26 additional
doors.
The HFF team representing the borrower was led by senior
managing director Don Curtis, associate director Brian Torp and
real estate analyst John Jo.
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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