Covington Group Lands $34M for Inland Empire Project
Logistics provider Pixior Group will use the facility.
The Covington Group has secured a $33.8 million construction loan for a Class A, 428,185-square-foot industrial development in Hesperia, Calif., within the Inland Empire market.
TDA Investment Group provided the five-year, fixed-rate note, on behalf of its pension client.
JLL Capital Markets negotiated on behalf of the borrower.
The Covington Group is developing the single-tenant building on behalf of Pixior Group, a third-party logistics and e-commerce fulfillment provider. The company has the option to occupy and buy the property when completed. Construction on the project is expected to be finished within 11 months.
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The to-be-built facility will be at 10400 Amargosa Road, within the Hesperia-Victorville logistics corridor that serves as the distribution hub for Greater Los Angeles.
The 21.5-acre development site is along Interstate 15. San Bernardino, Calif. is 32 miles away, while Ontario International Airport is 36 miles from the project. Additionally, the development parcel is near major corporate tenants, such as Amazon, Boeing and Peloton.
Property features will include 36-foot clear heights, an 8,000-square-foot office component, rear-load capabilities, 49 dock-high doors, two grade-level doors and EV charging stations. The building will also have 59 trailer parking spots and 216 car parking spots.
The JLL Capital Markets’ debt advisory team included Senior Managing Director Matt Stewart, Director Kellan Liem, Associate Allie Black and Analyst Cameron Sepahi.
Slow construction pace in the Inland Empire
The Inland Empire’s industrial market closed 2025 with a sharp decline in industrial deliveries, while its development pipeline stood among the slower-growing markets, according to a recent Yardi Matrix report. The metro had just under 7 million square feet under construction, representing 1 percent of total stock—well below the 1.7 percent national average and placing in the bottom half of the top 25 U.S. markets list.
Construction activity recorded since the start of 2026 includes Newcastle Partners’ 631,011-square-foot industrial project in Perris, Calif. The developer secured a $65.1 million construction loan for the project, dubbed Ellis Avenue Logistics Center, that is expected to come online by year-end.
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