Alere Property Group has secured a $455 million loan tied to eight industrial buildings in Southern California.
The Newport Beach-based investor snagged the debt package to refinance 3 million square feet of warehouse properties in Los Angeles and Orange counties and in the Inland Empire, the Commercial Observer reported. Terms of the deal were not disclosed.
PGIM Real Estate, the New Jersey-based real estate arm of insurance giant Prudential Financial, provided the fixed-rate loan.
Trent Brown, executive director at PGIM, led the financing. Broker Brian Halpern of JLL arranged the deal.
“Bulk distribution properties are in high demand given the population base and activity at the ports of Los Angeles and Long Beach,” Brown said in a statement. “We remain bullish on the industrial asset class.”
The industrial buildings range from 50,000 to 900,000 square feet with all properties close to major freeways.
In January last year, Alere Property bought a new 709,000-square-foot industrial complex in Riverside for $200 million.
— Dana Bartholomew