IRVINE, Aug. 22, 2023 - JLL Capital Markets announced today that it arranged $75 million in construction financing for the development of Birtcher Logistics Center Rialto, a Class-A logistics facility currently under construction totalling 492,631 square feet in Rialto, California.
JLL represented the borrower, Birtcher Development LLC, and secured the non-recourse loan from the lender, Principal Global Investors.
"This is the second construction loan Birtcher has secured in the past 60-days with JLL's Capital Markets Debt Advisory team. As the market continues to experience tightening within the lending community, we're grateful for JLL's ability to see another loan through from start to finish alongside our team," said Brooke Birtcher Gustafson, Managing Director of Birtcher Development.
Situated on approximately 21 acres, the site will serve as a state-of-the-art facility featuring 40-foot clears heights, 62 dock-high doors, 5,642 square feet of ground floor office and 5,221 square feet of mezzanine space. The building will also benefit from the 90 trailer parking spaces and 287 auto parking spaces.
The site is centrally located in the Inland Empire East submarket. Immediate access to the Southern California Freeway System is provided via on/off ramps at the I-10 Freeway, connecting Los Angeles to Arizona. The site is three miles from the Union Pacific Intermodal Yard and five miles to the BNSF Intermodal Yard. Birtcher Logistics Center Rialto is conveniently situated within approximately 10 miles of the four major freeway interchanges - I-10, 215, 60 and 15 -- connecting the Inland Empire to Los Angeles, San Diego, and Orange County.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Greg Brown, Senior Director Peter Thompson and Analyst Spencer Seibring.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos, and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on 22 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 August 2023 16:31:18 UTC.
