Proficiency Capital Nabs $32M to Buy IE Business Parks

Proficiency Capital has secured a $32.2 million loan to buy two industrial parks in Pomona and Chino.

The Irvine-based investor scored the acquisition financing to purchase the McGee Business Center I at 2300 South Reservoir Street in Pomona and McGee Business Center 2 at 12301-12395 Mills Avenue in Chino, the Commercial Observer and Commercial Property Executive reported.

The seller was ‘C’ McGee Electric. The purchase price of the nine-building, 231,700-square-foot industrial portfolio was not disclosed.

Brokers Peter Thompson, Kyle White and Nick Englhard of JLL Capital Markets arranged the deal for Proficiency Capital. The business parks are less than a mile from the 60 Freeway, and about 2 miles from the 71 Freeway.

Business Park I, built in 1981, includes four buildings totaling 129,800 square feet. Business Park II, built in 1987, includes five buildings totaling 101,900 square feet.

The two properties have 71 industrial suites averaging 3,300 square feet. The buildings have minimal office buildouts, about 5 percent each, an unidentified JLL spokesperson told Commercial Property Executive.

Tenant uses include traditional warehousing/distribution and light manufacturing space for small businesses.

City National Bank provided the three-year, floating-rate loan, an unidentified person with knowledge of the deal told Commercial Observer. Financial terms of the loan were not disclosed.

Proficiency Capital isn’t the only firm borrowing money to buy industrial properties in the nation’s biggest warehousing market, according to the Observer.

Self-storage developer 1784 Holdings earlier this month landed a $41.3 million bridge loan linked to a 132,000-square-foot storage complex in San Gabriel.

At the same time, Tishman Speyer and Mitsui Fudosan America inked a deal for an $84.8 million loan for a 380,000-square-foot industrial development in Irvine.

Proficiency Capital, founded in 1996, has developed 1000 acres of land and $500 million in industrial projects containing more than 25 million square feet, according to its website.

— Dana Bartholomew