PGIM Real Estate has provided $66m (€61m) in acquisition finance for the 6275 Lance Drive industrial facility in California.
PGIM Real Estate said the fixed-rate eight-year loan was arranged on behalf of a TA Realty advised borrower.
Brett Ulrich, principal at PGIM Real Estate, said: “The successful execution of this transaction within an uncertain economic environment is a testament to the strength of the asset, which has a long-term lease with a credit tenant and is situated in one of the most desirable industrial submarkets in the country.”
Dedeaux Properties reportedly sold the 1m sqft facility in Riverside to an unnamed buyer in February this year. The fully-leased 6275 Lance Drive industrial asset spans 47 acres.
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