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8/20/19
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Nearon Enterprises has refinanced Princeton Industrial, a 144k sf, single-tenant industrial property in Moorpark, with a new loan for $12 mil. The property is 100% occupied by AeroVironment Inc, a $1.3-billion manufacturer of unmanned aircraft for defense and commercial uses.
Princeton Industrial, located at 14501 Princeton Ave, was built in 1986 and extensively renovated by Nearon Enterprises in 2017 and 2018. These renovations included the update of the building facade with floor-to-ceiling glazing, a new roof, upgrades to the electrical, mechanical and other building systems, epoxy flooring in the fully conditioned warehouse assembly area, and the installation of private offices.
Shaun Moothart, Bruce Francis, Jim Korinek, Bob Ybarra, Dana Summers, and Doug Birrell with CBRE Debt and Structured Finance arranged the seven-year loan for Nearon, a privately-held real estate investment company based in Walnut Creek.
The Greater Los Angeles industrial market showed its strength at the mid-point of the year with positive market dynamics, according to second-quarter CBRE research. Vacancy declined further as rental rates rose. Despite the lack of available product, activity levels increased in four of the six submarkets. Steady demand from e-commerce related users and third-party logistics has helped drive the current industrial cycle. As a result, occupancy gains improved further squeezing available supply.
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