Jones Lang LaSalle Inc.
10/05/2022 | Press release | Distributed by Public on 10/05/2022 12:37
$34.8M acquisition financing secured for Los Angeles area industrial warehouse
LOS ANGELES - October 5, 2022 -JLL Capital Markets announced today that it has arranged $34.8 million in acquisition financing for 17707 S Santa Fe Ave., a 132,000-square-foot industrial warehouse/distribution center in Rancho Dominguez, California.
JLL worked on behalf of the borrower, Flux Investments, to secure the 10-year, fixed-rate bridge loan through a regional bank. The property was purchased off-market from Bocks Canyon Holdings in a sale-leaseback transaction.
Flux Investments, LLC was founded in 2018 and manages over one million square feet of industrial real estate in Southern California. The Flux team's growing portfolio of commercial properties is led by Managing Director Michael Danesh.
Built in 1973, 17707 S Santa Fe Ave. is a rear-load building offering 27' clear heights, six dock doors and 120 parking spaces.
The building is located near State Routes 91 and 47, which connect with Interstates 710, 110, 405, 105, 5 and 65. As a result, the warehouse is positioned to serve Southern California and the western U.S. The property benefits from its position within the Rancho Dominguez Industrial submarket, which features 20.3 million square feet of industrial space. It is one of the most sought-after industrial submarkets with a 1.3% vacancy rate and a year-over-year rent growth of 15.4%.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Marc Schillinger.
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.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.