(EDITOR’S NOTE: According to previous reporting from The Registry, the property was initially acquired by an affiliate of IDS Real Estate Group in late February of 2022 for $225 million, or about $192 per square foot.)
LOS ANGELES –– JLL Capital Markets announced today that it has arranged $124 million in post-close acquisition financing for 14950 Meridian Parkway, a 1,170,994-square-foot cold storage facility in Riverside, California.
JLL worked on behalf of the borrower, IDS Real Estate Group, in securing the 10-year, fixed-rate loan with Northwestern Mutual.
The property is 100% leased to United Natural Foods, Inc. (NYSE: UNFI), the largest publicly traded wholesale distributor serving the United States and Canada. This location serves as UNFI’s main cold storage facility in Southern California. Originally completed in 2007 and subsequently renovated and expanded in 2020, the facility is comprised of 39% cold storage and 61% dry storage space with temperature-controlled warehouse space ranging from -10°F to +60°F. The project offers 42’ clear heights, 185 dock doors and approximately 700 parking spaces.
Positioned on 59.4 acres within the Moreno Valley/Perris industrial submarket, 14950 Meridian Parkway is adjacent to Interstate 215, which provides seamless access to other major thoroughfares. As a result, the property is well positioned to serve Los Angeles, San Diego and the Inland Empire, with access to the entire western U.S.
The JLL Capital Markets team representing the borrower was led by Head of Debt Advisory – Asia Pacific Paul Brindley, Senior Director Matt Stewart and Director Alethia Halamandaris.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory, or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
