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9/27/22
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IDS Real Estate Group has obtained $124 mil in post-close acquisition financing for 14950 Meridian Parkway, a 1.17 msf cold storage facility the firm purchased in Riverside.
The property is 100% leased to United Natural Foods Inc, the largest publicly traded wholesale distributor serving the United States and Canada. This location serves as UNFI’s main cold storage facility in Southern California.
Originally completed in 2007 and subsequently renovated and expanded in 2020, the facility is comprised of 39% cold storage and 61% dry storage space with temperature-controlled warehouse space ranging from -10°F to +60°F. The project offers 42’ clear heights, 185 dock doors and approximately 700 parking spaces.
Positioned on 59.4 acres within the Moreno Valley/Perris industrial submarket, 14950 Meridian Pkwy is adjacent to Interstate 215, which provides seamless access to other major thoroughfares. As a result, the property is well positioned to serve Los Angeles, San Diego and the Inland Empire, with access to the entire western U.S.
Matt Stewart and Alethia Halamandaris with JLL Capital Markets arranged the 10-year, fixed-rate loan on behalf of the borrower. The financing was funded through Northwestern Mutual.
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