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.
“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.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.