FONTANA, CA—Xebec Realty Partners has secured a $23 million forward commitment for the development of the Catawba Distribution Center in Fontana, CA. The 310,550-square-foot industrial facility sits on a 13.8-acre site, which is fully entitled for the development. Construction is scheduled for completion in August 2015.

According to Anthony Brent, senior managing director at HFF, who secured the transaction on behalf of Xebec Realty, the commitment will cover the total project cost including carry and leasing costs, tenant improvements and cost to stabilization. “The buyer will close land cash and fund construction with a loan,” he tells GlobeSt.com. HFF managing director Ryan Martin worked alongside Brent to secure the funds. The terms of the transaction are undisclosed.

Located at the northwest corner of Santa Anna Avenue and Catawba Avenue in Fontana, the property will be a class-A facility with 32-foot clear heights, 180-foot secured concrete truck court and 35 dock-high positions with 59 trailer positions. “We marketed the project for three months and secured multiple interested parties seeking to building and acquire new class-A construction,” says Brent. “The most challenging part was finding core capital to invest into a single asset under $50 million.”

Several large funds were interested in the development because of declining vacancies and increasing rents for industrial facilities above 300,000 square feet. “This transaction represents the strength and knowledge of HFF industrial team in sourcing investment capital for complicated industrial transactions,” says Brent.

Xebec Realty is also building a 342,629-square-foot industrial property in Azusa, CA. PCCP LLC funded a $28 million loan for the development of that property.