Hillwood Lands $139M Refi for Inland Empire Industrial Park

Hillwood has obtained a $138.6 million refinancing loan for Speedway Commerce Center, a fully leased industrial park totaling 656,000 square feet in Rancho Cucamonga, Calif. Barings provided the loan, which, according to Yardi Matrix, retired the $140 million construction note issued by QuadReal Finance in 2022.

Speedway Commerce Center consists of two facilities that came online in 2023. The larger one totals 500,403 square feet and secured a full-building tenant in July, according to a Kidder Mathews market report. The other, a 155,230-square-foot facility, was leased to Lowe’s in 2023, though the home improvement retailer moved in a year later.

Each facility features rooftop solar equipment, with clear heights of 40 feet in the larger building and 32 feet in the smaller one. The park has a total of 102 dock doors and parking for 385 cars and 107 trucks.

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Speedway Commerce Center is at 13120–13160 Napa St., about 3 miles from the interchange of interstates 10 and 15 and 6 miles from Ontario International Airport.

Within walking distance is the former Auto Club Speedway, which hosted NASCAR races. Hillwood partnered with CBRE Investment Management to buy 364.2 acres at the racetrack for $559 million in 2023. Plans called for a 6.6 million-square-foot industrial redevelopment.

Last year, Hillwood delivered two buildings totaling 1.8 million square feet at the new park, which is also dubbed Speedway Commerce Center. Notably, the owner inked a 1.2 million-square-foot lease agreement at the property earlier this year, Yardi Matrix shows.

Inland Empire leasing favors larger buildings

Across the Inland Empire, leasing activity rose 16.9 percent year-over-year to 38.8 million square feet during the first nine months of 2026, a Cushman & Wakefield report shows. Buildings larger than 500,000 square feet accounted for 35 percent of leasing activity.

The market has also seen sizable industrial refinancing deals. In May, Lewis Group of Cos. obtained a $135.2 million loan for Meridian Business Park’s 782,209-square-foot Building D, according to Yardi Matrix. U.S. Bank provided the financing.