JLL arranges $84 million in post-close acquisition financing for Azusa Industrial Center

LOS ANGELES, Oct. 13, 2023 – JLL Capital Markets announced today that it has arranged $84 million in post-close acquisition financing for Azusa Industrial Center, a three-building industrial park totalling 432,500 square feet located in Azusa, California.

JLL worked on behalf of the borrower, IDS Real Estate Group, to secure the four-year, floating-rate loan through PGIM Real Estate’s debt fund focused on transitional bridge lending. The PGIM Real Estate team was led by Vice President Jace Bertges.

Built between 1986 and 1987, this 432,500 square foot, three-building industrial property is 100% leased to four tenants and features institutional-grade industrial specs. Spanning 23.6 acres, the Property features a total of 73 dock doors, seven grade-level doors, truck courts ranging from 130 to 160 feet, and clear heights ranging from 24 to 30 feet.

Azusa Industrial Center offers a ground-zero industrial logistics location with close access to Southern California’s robust freeway network, located minutes from the I-210 and I-605 Freeways. The Property is also located near other key nodes of transit, such as Ontario International Airport, the Los Angeles & Long Beach Ports, and Los Angeles International Airport.

The JLL Capital Markets team was led by Managing Director Matt Stewart, Associate Ace Sudah and Analyst Daniel Skerrett.

“Despite continued market volatility, we are finding there is ample liquidity for well-located infill industrial properties with strong fundamentals and institutional sponsorship,” said Stewart.

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.

For more news, videos and research resources, please visit JLL’s newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

Founded in 1986, IDS Real Estate Group (“IDS”) is a vertically integrated, privately held real estate owner, operator, developer, and asset manager headquartered in Los Angeles, with offices in San Diego, Orange County, Santa Clara, and Seattle. IDS offers a wide range of services including investment management, property management, marketing, leasing, development, tenant, and capital market services. In addition to its 40 million square foot property management portfolio, the firm’s affiliates currently own approximately $3.6 billion in assets across its various institutional investment platforms.

With $210 billion in gross assets under management and administration,1 PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the local experience of professionals in 32 cities globally. Through its investment, financing, asset management and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.

^{1 As of 30 June 2023. Net AUM is $133 billion and AUA is $49 billion.
2 Includes legacy lending through PGIM’s parent company, PFI.}