Davis Partners, TH Real Estate Snag CA Industrial Portfolio
CBRE arranged $15.9 million in debt financing on behalf of the partnership for the acquisition of multi-tenant properties located in Riverside and Redlands, Calif.
By IvyLee Rosario
1915 W. Redland Blvd. and 721 Nevada St., Redlands, Calif.
Davis Partners and TH Real Estate have acquired a multi-tenant industrial portfolio with properties in Riverside and Redlands, Calif. CBRE arranged $15.9 million in debt financing for the acquisition.
The lender offered a seven-year loan with 65 percent loan-to-cost and two years of interest-only to enhance initial cash flow, while the borrower begins its plan to increase asset rents.
Located at 1915 W. Redland Blvd. and 721 Nevada St. at Nevada Street Plaza, the Redlands properties total 126,292 square feet. Home to 37 tenants, the assets are currently 100 percent leased. Situated at 7201-7209 Arlington Ave. at Arlington Airpark Plaza, the Riverside buildings are 93.5 percent occupied by 29 tenants and total 86,334 square feet.
CBRE’s Debt and Structured Financing team of Shaun Moothart, Bruce Francis and Dana Summers arranged the loan on behalf of the buyer.
“These multi-tenant industrial properties are highly desired,” Moothart said in a prepared statement. “This portfolio was acquired at an excellent cost basis that is well below replacement costs, which ultimately allowed for a diversification of risk.”
Image courtesy of CBRE
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