PGIM Lends $91M for LA Industrial Deal
A CBRE team arranged the bridge financing.
PGIM has provided $91 million in floating-rate financing to CIRE Equity’s CREIT for the purchase of an industrial property in Van Nuys, Calif.
Roscoe Woodley Campus, at 8201 Woodley Ave. and 16200 Roscoe Blvd., includes a 290,254-square-foot Class B industrial building developed in 1965 and completely renovated in 1995 and an adjacent improved outdoor storage lot, all on an 11.6-acre site.
Information provided to Commercial Property Executive by Yardi Matrix indicates that the asset’s previous owner was Link Logistics, which had acquired it from Realty Bancorp Equities in 2020.
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The core-plus note is structured as a bridge transaction at 76 percent loan-to-cost. A CBRE team that included Val Achtemeier, vice chair in the firm’s Debt & Structured Finance group, brokered the transaction.
CREIT owns and operates about 8.1 million square feet of industrial and retail properties, predominantly in the West and Southwest.
Sophie Higgs, a director at PGIM, said in prepared remarks the infill, supply-constrained submarkets within the Greater Los Angeles industrial market continue to outperform despite broader headwinds.
A soft-ish landing?
The Greater Los Angeles region’s industrial market saw a slowing decline in asking rents toward the end of 2025, as total vacancy rose to 5.2 percent, versus 4.2 percent 12 months prior, according to a fourth-quarter report from CBRE.
The San Fernando Valley submarket specifically had an overall vacancy of 4.5 percent, following only 855,000 square feet of gross absorption and 127,000 square feet of negative net absorption in the fourth quarter, against an inventory of 171.3 million square feet. Fortunately, space under construction totaled only 1.9 million square feet.
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