A big-box industrial project in the Inland Empire city of Perris has secured a $135 million construction loan from Bank OZK and Affinius Capital.
The 850,000-square-foot Perris Gateway is the product of a joint venture between DECA Companies and Wildcat Capital Management.
“Given the leasing velocity of industrial buildings greater than 750,000 square feet in the Inland Empire, we are very excited to close this transaction with DECA and Wildcat as Perris Gateway will be one of only a handful [of] large, cross-dock buildings available for lease in 2025,” Affinius Managing Director Tom Burns said in a statement.
Affinius provided the subordinate part of the loan, while Bank OZK originated the senior debt, according to an announcement on the financing.
Perris is located about 70 miles southeast of downtown Los Angeles in a region known for its logistics sector footprint with warehouses at competitive rates in comparison to Los Angeles and Orange counties. Retailers Ross and Home Depot are among the companies with distribution centers in Perris.
Perris Gateway, once completed, is expected to have 40-foot ceilings, 124 docks, four drive-in doors, parking for nearly 350 vehicles and more than 300 spaces for trailers.
DECA Vice President Stanley Zheng described Perris Gateway in a statement as a “next-generation” facility in a “strategically located supply-constrained market.”
The development is pitched to prospective tenants for its location just off Interstate 215, which offers a major freeway artery for industrial users heading to Las Vegas, Phoenix, San Diego or Tucson. It’s also a roughly 75-mile drive from the San Pedro Bay ports.
Perris industrial average lease rates were $1.25 per square foot per month in the second quarter, edging up from the first quarter’s $1.23, according to CBRE’s quarterly market report. Rents for the overall Inland Empire eastern region, where Perris is located, had a second-quarter average of $1.20 per square foot per month, according to CBRE.
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