Invesco Lands $60M for Amazon Facility
The firm paid $80 million for this Inland Empire asset back in 2018.
Invesco Real Estate has obtained a $60 million loan for Meridian Business Park’s Building A, a 1 million-square-foot industrial facility in Riverside, Calif., according to CommercialEdge information. Northwestern Mutual originated the five-year note.
Invesco had initially financed the Class A property with a $28.8 million loan issued by Massachusetts Mutual Life Insurance Co. in 2018, the same source shows. That note was set to mature this April.
Invesco has about $90.1 billion in real estate assets under management worldwide. Early this month, the firm closed its first commercial real estate collateralized loan obligation, the largest CRE CLO in the U.S. in the past three years, totaling $1.2 billion. The CLO was secured by a portfolio of about 45 percent industrial loans and 55 percent multifamily-associated loans.
Part of Meridian Business Park
Invesco paid $80.1 million for Building A in 2017. Fully leased by Amazon, the property occupies a 48-acre lot at 20901 Krameria Ave., close to Interstate 215 and to its interchange with Interstate 60. Riverside Municipal Airport is 13 miles away and Ontario International Airport is 28 miles away.
Completed in 2018, the cross-dock facility has 36-foot clear heights, four grade-level doors, 188 dock-high doors, ESFR sprinkler systems, an ample truck court and 259 car parking spots. The Inland Empire property is part of Meridian Business Park and within a Foreign Trade Zone.
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Totaling 1,290 acres, the industrial park is the master-planned development of Meridian, a joint venture between the Lewis Group of Cos. and Waypoint Property Group that envisioned a four-phase campus at the site. Invesco’s facility is one of the first two buildings of 1 million square feet each included in the project’s Phase III.
To date, Meridian Business Park comprises more than 11 million square feet of completed buildings, current tenants featuring Kia Automotive, Nissan, Kaiser Permanente and McLane Foods, among others. The property is to include some 16 million square feet at full build-out.
The Inland Empire had nearly 9.8 million square feet of industrial space under construction as of March, according to a recent CommercialEdge report. This was the sixth-largest pipeline in the nation.
The figure, representing 1.5 percent of the metro’s existing stock, was below the national average of 1.7 percent. Among peer markets, the Inland Empire was on par with Atlanta and outperformed Detroit (1.3 percent) and Indianapolis (1.1 percent).
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