Los Angeles – March 8, 2022 – CBRE Capital Markets Debt & Structured Finance has secured $14.89 million in financing on behalf of Cruzan and Rialto for the financing of an eight-property industrial portfolio totaling 101,248 square feet in Southern California. CBRE secured a 3-year floating-rate loan with Western Alliance Bank.
CBRE’s Mark McGovern, Scott Peterson and Colby Matzke represented Cruzan and Rialto in the financing.
The portfolio consists of eight buildings and 10 tenants across the Inland Empire MSA. All eight properties are 100% leased with an average lease term of 4.3 years. The portfolio is located in Chino, Jurupa Valley, Ontario, Rancho Cucamonga and Rialto.
“The market continues to have a banner year with 4.6 million square feet of absorption,” said McGovern. “Cruzan’s expertise in re-development, management and leasing will further enhance the portfolio. Cruzan is now poised to reposition these assets, as the properties are scheduled to undergo several capital improvements later this year.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
Cruzan is a vertically integrated owner-operator focused on acquiring and repositioning commercial real estate assets throughout the West Coast. Cruzan’s focus is on the transformation of office, flex or industrial assets into market leaders. This is achieved through re-development, repositioning, management, leasing and an aggressive operational and amenity push. Cruzan currently owns and operates 13 assets across property types totaling approximately 2.2 million square feet, with offices in Los Angeles, San Diego and Portland, Oregon.