(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)
VICTORVILLE, CA-Stirling Capital Investments, a JV between Stirling, a Foothill Ranch, CA-based strategic, full-service, value-added development company and Denver-based DCT Industrial Trust Inc., has secured a $70-million mortgage refinance on its property portfolio at the Southern California Logistics Centre here. Bank of America provided the loan.
According to Stirling Capital Investments, the loan will pay off maturing debt and facilitate expansion plans for the property’s revenue portfolio of over two million square feet. Johnson Capital arranged for the long-term loan, which covers six industrial facilities.
The 2,500-acre SCLC industrial and commercial complex is part of Global Access Victorville, which encompasses the Southern California Logistics Airport. Bank of America’s loan covers the existing debt, as well as funding of the current 176,800-square-foot expansion underway on Distribution Centre 3, one of six facilities within the SCLC portfolio.
According to a prepared statement, the expansion will accommodate the increased nationwide distribution needs of Newell Rubbermaid and bring the current 407,612-square-foot facility to 584,412 square feet. It is slated for a December completion.
Evelyn Flanary, VP of finance of Stirling Capital Investments, assisted senior vice president Amos Smith of Johnson Capital in the arrangement of the loan transaction. According to Smith, this valuation and refinance is a “testament to the high quality product and incredible tenant roster” at the project. He further notes that it “confirms a positive long-term view of investment in California’s high desert region.”
To date, Stirling Capital Investments has developed more than three million square feet of class A industrial space at SCLC with occupancy exceeding 98%, according to the statement.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
