CBRE Secures $69 Million in Financing for Nearly 1 Million Square-Foot Industrial Portfolio in Southwestern U.S.

Portfolio is comprised of four properties in Nevada, Arizona and California

Los Angeles – CBRE Capital Markets’ Debt & Structured Finance announced a $69 million recapitalization for a four-properties industrial portfolio totaling 991,634 square feet in the southwestern United States.

CBRE’s Shaun Moothart, Bruce Francis, Jennifer Ansari, Dana Summers, Bob Ybarra and Doug Birrell arranged the 20-year, 2.13-percent loan on behalf of the owner, Moulton Company, a family owned and operated private equity asset management firm based in Southern California.

The portfolio consisted of four core industrial assets located in some of the strongest industrial markets in the country:

•Harbor Gateway located at 20100 S. Western Ave in Torrance, Calif.
•Longley Commerce Center located at 6550 Longley Lane in Reno, Nev.
•The Landing at PMG located at 7613-7753 E. Ray Road in Mesa, Ariz.
•Northgate Distribution Center located at 4800 E. Tropical Parkway in Las Vegas, Nev.

All four facilities were fully leased at the time of the deal closing.

“This refinancing attracted an extraordinary amount of capital from both global and domestic lending institutions,” said Moothart. “Through a very competitive bid process, we negotiated an interest rate of 2.13% fixed for 20 years with a life company.”

Despite the COVID-19-induced economic downturn, the industrial market has remained on solid ground with low vacancy rates, record-high asking rents and positive net absorption as the pandemic has increased e-commerce’s share of total retail sales, thereby increasing the demand for warehouse and distribution space. Hence, industrial investment volumes have held up fairly well, especially those in individual assets, which had one of the smallest year-over-year decreases by a significant margin (-27.9 percent) as compared with other asset classes, according to CBRE third-quarter research.