Birtcher Lands $49M for Inland Empire Development
The industrial project is set to come online in the first quarter of 2024.
Birtcher Development has obtained a $49.2 million loan for the construction of Birtcher Logistics Center Fontana, a 330,048-square-foot industrial facility in Fontana, Calif.
JLL Capital Markets worked on behalf of the borrower to secure the three-year note with two one-year extensions. Hartford Fire Insurance Co. provided the funds, according to San Bernardino County records.
At the beginning of the year, the company received entitlement approval for the development. Construction began last month and the project has a delivery date set for the first quarter of 2024. Upon completion, the distribution center will feature 36-foot clear heights, 51 dock-high doors, a 185-foot truck court and 85 trailer parking stalls.
The property is taking shape at 10958 Banana Ave., at the Southwest corner of Banana and Santa Ana Avenues. The 13-acre development site is in the Inland Empire market, some 16 miles from San Bernardino and 12 miles from Riverside. The facility will have access to the Southern California Freeway System through interstates 10 and 15. Trader Joe’s, Home Depot and Walmart have logistics and distribution centers in the surrounding area.
The JLL team that arranged the financing included Senior Managing Director Greg Brown, Senior Director Peter Thompson and Analyst Spencer Seibring.
Inland Empire industrial demand
In the first four months of this year, the Inland Empire had 32.6 million square feet of industrial space under construction, representing 5.2 percent of stock, a CommercialEdge report shows. Over the last few months, several projects received funding or were completed in the market.
Lovett Industrial landed $24.9 million in construction financing for Rialto II, an industrial project in Rialto, Calif. JLL Capital Markets worked on that deal as well and secured a loan from American Realty Advisors.
CapRock Partners added 1.1 million square feet to its existing inventory with the completion of two industrial properties in Norco, Calif.
Trammell Crow Co. and Washington Capital Management also wrapped up the second phase of Columbia Business Park which encompasses 374,000 square feet and is located in Riverside, Calif.