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CBRE IM, Hillwood Secure $756M Financing for Fontana Industrial
A fund sponsored by CBRE Investment Management, in joint partnership with Hillwood Investment Properties, secured an approximately $756-million financing package for the construction of Phase I of the Speedway Commerce Center located at 9300 Cherry Ave. in Fontana. Eastdil Secured arranged the financing on behalf of CBRE Investment Management. Dan de la Paz, Eloy Covarrubias and Barbara Perrier of CBRE have been retained to handle leasing efforts.
Construction of the project, which is entitled for up to 6.6 million square feet of logistics space, has already begun. The first two buildings are anticipated to be completed in early 2025.
“We designed the Speedway Commerce Center to specifically meet the critical 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 milestone is further confirmation of the market’s confidence in our strategy of developing Class A assets that will be crucial to meet occupiers’ evolving technology and operation needs.”
- ◦Development
- ◦Financing
