$124M financing secured for single-tenant cold storage facility in Inland Empire

LOS ANGELES – September 26, 2022 – JLL Capital Markets announced today that it has arranged $124 million in post-close acquisition financing for 14950 Meridian Parkway, a 1,170,994-square-foot cold storage facility in Riverside, California.

JLL worked on behalf of the borrower, IDS Real Estate Group, in securing the 10-year, fixed-rate loan with Northwestern Mutual.

The property is 100% leased to United Natural Foods, Inc. (NYSE: UNFI), the largest publicly traded wholesale distributor serving the United States and Canada. This location serves as UNFI’s main cold storage facility in Southern California. Originally completed in 2007 and subsequently renovated and expanded in 2020, the facility is comprised of 39% cold storage and 61% dry storage space with temperature-controlled warehouse space ranging from -10°F to +60°F. The project offers 42’ clear heights, 185 dock doors and approximately 700 parking spaces.

Positioned on 59.4 acres within the Moreno Valley/Perris industrial submarket, 14950 Meridian Parkway is adjacent to Interstate 215, which provides seamless access to other major thoroughfares. As a result, the property is well positioned to serve Los Angeles, San Diego and the Inland Empire, with access to the entire western U.S. 

The JLL Capital Markets team representing the borrower was led by Head of Debt Advisory – Asia Pacific Paul Brindley, Senior Director Matt Stewart and Director Alethia Halamandaris.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory, or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

Founded in 1986, IDS Real Estate Group (“IDS”) is a vertically integrated, privately held real estate owner, operator, developer, and asset manager headquartered in Los Angeles, with offices in San Diego, Orange County, Santa Clara, and Seattle. IDS offers a wide range of services including investment management, property management, marketing, leasing, development, tenant, and capital market services. In addition to its 40 million square foot property management portfolio, the firm’s affiliates currently own approximately $3 billion in assets across its various institutional investment platforms.

Northwestern Mutual, a Fortune 100 financial security company and one of the largest real estate investors in the nation, invests in commercial mortgages and equity investments across all major property types, including apartments, office, retail and industrial. Its $60+ billion real estate investment portfolio is composed of approximately 80 percent fixed income and 20 percent equity investments. Northwestern Mutual Real Estate is a financing source that provides experienced and knowledgeable people, quick and decisive action and flexible, creative solutions.