Lovett Lands Financing for Inland Empire Industrial Asset
JLL Capital Markets arranged the three-year, fixed-rate loan.
Rialto II. Image courtesy of JLL Capital Markets
Lovett Industrial has received $24.9 million in construction financing for the development of Rialto II, a 114,115-square-foot industrial facility in Rialto, Calif.
JLL Capital Markets worked on behalf of the borrower to secure the three-year, fixed-rate loan from American Realty Advisors.
The company acquired the six acres of land in late 2022, with the project slated for completion in September 2023. The development team includes HPA as lead architect and Westland Engineering as the project’s civil engineer.
Upon completion, the industrial facility will feature 36-foot clear heights, two grade-level doors, 12 dock-high doors, a 130-foot truck court, a speculative office with mezzanine space, ESFR sprinklers and 90 parking stalls. Bill Heim and Alex Heim of Lee & Associates will handle marketing and leasing efforts.
The development site is located at 1910 W Renaissance Parkway, in California’s Inland Empire market, 9.3 miles from San Bernardino, Calif., and 52.8 miles from Los Angeles. The industrial project will have access to nearby transportation networks, including Interstates 10, 15 and 215. The ports of Long Beach and Los Angeles are approximately 70 miles away. Major companies in the surrounding area include Amazon, Porsche, Zara and Target.
The JLL team that arranged the financing included Senior Director Peter Thompson, Director Samuel Godfrey and Associate Jordan Leake.
Lovett expands western footprint
Lovett has five active projects in the region, with a pipeline of 4.5 million square feet of future projects, not including 1.2 million square feet under construction. The company is active in southern and northern California, Phoenix, Denver, Las Vegas and Salt Lake City.
Among Lovett’s projects is a 1.7 million square-foot industrial campus in Glendale, Ariz., located within the 1,240-acre Woolf Logistics Center, and Lovett 76 Logistics Center, a 613,758-square-foot industrial project in Brighton, Colo.
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