Proficiency Capital secures loan for Inland Empire Buy

Proficiency Capital LLC has received $32.2 million in acquisition financing for McGee Business Center in Chino and Pomona, California, in the Inland Empire West submarket. JLL Capital Markets procured the three-year, variable-rate loan through a bank.

McGee Business Center I and II are two fully leased, Class B, shallow bay business parks totaling 22,000 square feet in San Bernardino County. According to CommercialEdge, the seller was “C” McGee Electric.

Business Park I is located at 2300 S. Reservoir St. in Pomona and was completed in 1981. It consists of four buildings with a total area of ​​129,800 square meters. Business Park II is located at 12301-12395 Mills Avenue in Chino and was completed in 1987. It consists of five buildings with a total area of ​​101,896 square feet.

The two properties comprise a total of 71 industrial suites with an average area of ​​3,263 square meters. According to a JLL spokesman, the buildings have minimal office expansion, about 5 percent each Managing Director for Commercial Real Estate. Tenant uses include traditional warehouse/distribution space and light manufacturing space for small businesses.

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Located less than 1 mile from CA-60 (Pomona Freeway), McGee Business Center offers convenient access to CA-71 (Chino Valley Freeway) and I-10.

The JLL Capital Markets team was led by Senior Director Peter Thompson and analysts Kyle White and Nick Englhard.

Great demand for shallow bays

In early November, Cabot Properties acquired a four-building, 669,000-square-foot industrial portfolio in the Inland Empire from Link Logistics for $202 million. In an unusual angle, Cabot actually bought back three of the four properties after developing and building them between 2018 and 2021.

Last summer, Matthews Real Estate Investment Services examined the reasons for increasing interest in low-rise, multi-tenant industrial properties. These include the assets’ attractiveness to a large number of users, shorter lease terms that allow for timely market rate adjustment of rents, and a relative lack of space in shallow bays as developers focus primarily on larger industrial projects.