IE Business Daily Business news for the Inland Empire.
Financing has been arranged for the first phase of 6.6 million-square-foot industrial project that is being built in Fontana.
CBRE Investment Management and Dallas-based Hillwood Investment Properties have secured approximately $756 million through Eastdil Secured to help finance construction of Speedway Commerce Center, according to a statement.
The first two buildings are expected to be completed early next year. CBRE has agreed to handle leasing for the facility, which is being developed at 9300 Cherry Ave.
“We designed the Speedway Commerce Center to meet the need for well-located, modern logistics properties in this high demand region,” said Mary Lang, head of Americas Direct Logistics Strategies for CBRE Investment Management. “We believe that this financing is further confirmation of the market’s confidence in our strategy of developing Class A assets.”
The Inland Empire industrial market remain strong, with a five percent vacancy rate in the fourth quarter of 2023, according to CBRE.
