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Sign in Sign up for a FREE subscriptionMesa West provides $88m debt package for newly constructed industrial building in Riverside, Calif.
Mesa West Capital provided an $87.95 million five-year, floating rate debt package for the acquisition and lease-up of a recently delivered 1 million-square-foot industrial building in the Sycamore Canyon submarket of Riverside, Calif.
The sponsor, a joint venture led by Los Angeles–based Dedeaux Properties, acquired the asset through a forward transaction. The seller, an institutional industrial developer, delivered the property on July 11, 2019.
Situated on 52 acres of land, the cross-dock building features 147 dock-high doors, a 710-foot building depth, 185-foot secured concrete truck courts, and a 36-foot clear height. Given the property was being delivered vacant, the loan was capitalized with a future funding facility for leasing costs. The sponsor plans to lease the building to a single user on a long-term basis.
“The Inland Empire is one of the top industrial