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| Rendering of planned Perris Circle Industrial Park, Perris, CA |
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| Anthony Brent |
LOS ANGELES, CA – Holliday
Fenoglio Fowler, L.P. (HFF) announced it has arranged $42 million in joint
venture equity and construction financing for the development of Perris Circle
Industrial Park, a Class A industrial facility with two buildings totaling
594,000 square feet in the Los Angeles-area community of Perris,
California
HFF worked on behalf of
the developer, Circle Industrial, to arrange the joint venture equity
partnership with Cigna Realty Investors.
Additionally, HFF secured the construction financing for the partnership
with Wells Fargo Bank.
Located in the Inland
Empire East submarket, Perris Circle Industrial Park is situated on a 31-acre
site at 278-290 Markham Street near Harley Knox and the Interstate 215 Freeway
in Perris, California.
The buildings will be
approximately 72 miles from the Port of Long Beach and 81 miles from the Port
of Los Angeles. Perris Circle Industrial
Park Building 1 will be a 474,000-square-foot cross-dock warehouse with 112
dock high doors, a 36’ clear height and parking for 153 trailers.
The 120,000-square-foot
Building 2 will include 24 dock high doors with a 32’ clear height and parking
for 31 trailers. Both buildings will be
completed in early 2016.
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| Kevin Mackenzie |
The HFF equity placement
team was led by senior managing directors Anthony
Brent and Kevin Mackenzie and
managing director Ryan Martin.
The HFF debt placement
team was led by managing directors Todd
Sugimoto and Mark Wintner.
“With significant positive
absorption of industrial space in the market, the Circle Industrial development
will provide well-located, Class A product to the market that continues to see
considerable demand from users for first generation buildings below 500,000
square feet,” Martin, said.
“The project broke ground
in August and is anticipated to be available early 2016,” Brent added. “With a scarcity of Class A product and
continued demand from buyers and tenants, the project will be offered for sale
or lease.”
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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