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4/11/18
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Davis Partners & TH Real Estate purchased a 212.6k sf, multi-tenant industrial portfolio in Riverside and Redlands. The deal was financed with $15.9 mil in beft financing arranged by CBRE and funded through an unnamed life insurance provider.
Nevada Street Plaza, Redlands |
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The Redlands portion of the acquisition consists of two buildings totaling 126.3k sf within Nevada Street Plaza at 1915 West Redlands Blvd and 721 Nevada St. The buildings are fully leased to 37 tenants.
The Riverside purchase was for Arlington Airpark Plaza, located at 7201-7209 Arlington Ave and totaling 86.3k sf. The buildings are 93.5% leased to 29 tenants.
Shaun Moothart, Bruce Francis and Dana Summers of CBRE’s Debt and Structured Financing team arranged the 7-year loan for the buyer. The loan came in at 65% loan-to-cost with two years of interest-only in an effort to enhance initial cash flow while the borrower executes on their business plan to increase rents. Moothart noted that the portfolio was acquired at an excellent cost basis that is well below replacement cost.
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