By Staff Reports
(Victorville)–– Stirling Capital Investments announced today that it has secured a $70 million mortgage refinance on its property portfolio at the Southern California Logistics Centre (SCLC) in Victorville, California. Bank of America provided the loan to pay off maturing debt and facilitate expansion plans for the property’s revenue portfolio of over two million square feet. Johnson Capital, a recognized leader in commercial real estate investment banking, arranged for the long-term loan, which covers six industrial facilities.
“This valuation and refinance is a testament to the high quality product and incredible tenant roster that Stirling Capital Investments has created at this project,” said Amos Smith, senior vice president of Johnson Capital. “It confirms a positive long-term view of investment in California’s high desert region.”
The 2,500-acre SCLC industrial and commercial complex is part of Global Access Victorville, which encompasses the Southern California Logistics Airport (SCLA). Bank of America’s loan covers the existing debt, as well as funding of the current 176,800-square-foot expansion underway on Distribution Centre 3, one of six facilities within the SCLC portfolio. Slated for completion in December, the expansion will accommodate the increased nationwide distribution needs of Newell Rubbermaid and bring the current 407,612-square-foot facility to 584,412 square feet.
“This loan underscores Stirling Capital Investments is a quality developer with a competitive project demonstrating long-term feasibility,” added Smith.
To date, Stirling Capital Investments has developed over three million square feet of Class A industrial space at SCLC with occupancy exceeding 98 percent. Build-to-suit opportunities ranging from 50,000 square feet to over 1,000,000 square feet are readily available. SCLC is home to an impressive roster of corporate tenants, many of which are Fortune 500 companies.
Evelyn Flanary, VP of Finance of Stirling Capital Investments, assisted Amos Smith of Johnson Capitalin the arrangement of the loan transaction.