Alere Property Group has successfully secured a substantial $455 million debt package to refinance its eight-building industrial portfolio spanning across Southern California, according to a recent report from Commercial Observer.
PGIM Real Estate, a leading player in the real estate financing arena, has stepped forward to provide the fixed-rate loan. Spearheading this financial arrangement is Trent Brown, executive director at PGIM. JLL’s Brian Halpern arranged the transaction.
The industrial portfolio in question encompasses a total of approximately 3 million square feet of prime real estate. These assets are strategically located across key regions in Southern California, including Los Angeles County, Orange County and the Inland Empire. Each building within the portfolio varies in size, spanning from 50,000 to 900,000 square feet. These properties are strategically situated in infill locations, providing convenience and accessibility to businesses, and are in close proximity to major freeways.
Alere Property Group is one of the largest and most established owners of industrial real estate in Southern California, according to its website. Its portfolio currently consists of 30 million square feet of industrial space valued at more than $11 billion.
