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HFF Arranges Financing for Development of 594k sf Inland Empire Project

10/05/15

HFF has arranged $42 mil in joint venture equity and construction financing for the development of Perris Circle Industrial Park, a Class A industrial facility with two buildings totaling 594k sf in the Inland Empire community of Perris.

HFF worked on behalf of the developer, Circle Industrial, to arrange the joint venture equity partnership with Cigna Realty Investors. Additionally, HFF secured the construction financing for the partnership with Wells Fargo Bank.

Located in the Inland Empire East submarket, Perris Circle Industrial Park is situated on a 31-acre site at 278-290 Markham St, near Harley Knox and I-215 in Perris. The buildings will be approximately 72 miles from the Port of Long Beach and 81 miles from the Port of Los Angeles.

Perris Circle Industrial Park Building 1 will be a 474k sf, cross-dock warehouse with 112 dock high doors, a 36’ clear height and parking for 153 trailers. The 120k sf Building 2 will include 24 dock high doors with a 32’ clear height and parking for 31 trailers. Both buildings will be completed in early 2016.

Anthony Brent, Kevin Mackenzie and Ryan Martin of HFF handled the equity placement. Todd Sugimoto and Mark Wintner, also with HFF, arranged the debt placement.

“With significant positive absorption of industrial space in the market, the Circle Industrial development will provide well-located, Class A product to the market that continues to see considerable demand from users for first generation buildings below 500k sf,” Martin, said.

“The project broke ground in August and is anticipated to be available early 2016,” Brent added. “With a scarcity of Class A product and continued demand from buyers and tenants, the project will be offered for sale or lease.”





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