Alere Property Group has landed a $455M loan to refinance a 3M SF industrial portfolio in Southern California, including eight buildings spread across Los Angeles and Orange counties as well as the Inland Empire.
NJ-based PGIM Real Estate, the real estate arm of Prudential Financial, provided the fixed-rate loan. JLL arranged the deal. The buildings in the portfolio range from 50K SF to 900K SF.
"Bulk distribution properties are in high demand given the population base and activity at the ports of Los Angeles and Long Beach. We remain bullish on the industrial asset class," said Trent Brown, executive director at PGIM, in a statement.
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