PGIM Real Estate Provides $455M Loan on SoCal Industrial Portfolio

PGIM Real Estate has provided $455 million in fixed-rate financing on behalf of its core lending strategy to Alere Property Group for an eight-building industrial portfolio. The portfolio totals approximately three million square feet located across Los Angeles County, Orange County, and the Inland Empire.

Brian Halpern from JLL Capital Markets in Los Angeles brokered the transaction. Buildings in the portfolio range in size from 50,000 to 900,000 square feet. All properties are located in infill locations and close to major freeways, making them highly accessible and desirable to tenants, according to PGIM Real Estate.

“Our core lending strategy has allowed us to consistently invest in the industrial sector, particularly in Southern California, where bulk distribution properties are in high demand given the population base and activity at the ports of Los Angeles and Long Beach,” said Trent Brown, executive director at PGIM Real Estate, who led the financing on the firm’s behalf. “We remain bullish on the industrial asset class despite headwinds in some real estate sectors and parts of the greater economy.”

Pictured: Alere Property Group’s 786 Central Ave. in San Bernardino.

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate