ONTARIO, CA—HFF has secured a $54 million refinancing for a distribution center and warehouse facility here that is the main distribution center for Pier 1 Imports, Inc.'s West Coast operations.
HFF worked exclusively on behalf of the borrower, institutional investors advised by J.P. Morgan Asset Management, to secure the fixed-rate loan through Cornerstone Real Estate Advisers. Funds will be used to refinance an existing loan and construct a 243,665-square-foot expansion for Pier 1, bringing the total square feet of the center to 991,110 when completed in 2015.
The Pier 1 distribution center is situated on 46.58 acres at 3000 East Philadelphia Street, directly off of the South Haven exit from the Pomona Freeway (SR-60). The asset is less than four miles south of the Los Angeles/Ontario International Airport and 55 miles from the ports of Los Angeles and Long Beach. Built in 1999 as a build-to-suit for Pier 1, the single-story building has a 30-foot clear height and 54 dock-high loading doors. The planned expansion will add 26 additional doors.
The HFF team representing the borrower was led by senior managing director Don Curtis, associate director Brian Torp and real estate analyst John Jo.
J.P. Morgan Asset Management – Global Real Assets has more than $79 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia, as of June 30. HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc., which operates out of 23 offices nationwide.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
