IE Business Daily Business news for the Inland Empire.
Pier 1 Imports’ warehouse-distribution Inland operation will get a major facelift.
Irvine-based HFF has secured $54 million in refinancing for the facility at 3000 E. Philadelphia St. in Ontario, which is Pier 1’s West Coast distribution hub, the company announced in a statement Tuesday.
The money, which was secured in the form of a fixed-rate loan, will refinance an existing loan. That revised loan will then pay for a 243,665-square-foot expansion of the logistics operation.
The expansion is expected to be completed next year, according to the statement.
When it’s finished, the facility – which sits on 46 acres next to the southbound exit of Haven Avenue on the Pomona Freeway – will cover 991,110 square feet.
The building was constructed in 1999, specifically for Pier 1’s use, and is about four miles south of Ontario International Airport. That, combined with its airport access, makes it an ideal location for any logistics operation.
HFF operates 23 offices throughout the United States. It’s a full-service commercial real estate financial intermediary that assists its clients in a number of areas, including debt placement, investment sales, equity placement, loan sales and commercial loan servicing, according to the statement.
Pier 1 is a retail chain based in Ft. Worth, Texas. It specializes in imported home furnishings and decor, and it operates more than 1,000
stores in the United States, Canada and Mexico, according to the company’s website.
