Brookfield has successfully secured $130.5 million in construction loan financing for the development of the 'Locust Gateway Logistics Center'. This future Class-A industrial property will span 664,859 square feet and is being built in Rialto, California.
Apollo provided the debt financing, structured as a five-year financing package. The transaction was brokered by Tom Rugg, Tom Traynor, Val Achtemeier, Mark Finan, and Henry Fenmore of CBRE.
Location and use
The logistics centre is located at 2125 West Lowell Street in Rialto, California, a city in the Inland Empire, approximately 54 miles east of Los Angeles. The industrial site is being developed on a previously undeveloped area that was formerly part of the disused Rialto Airport. This airfield has been out of operation for twelve years.
The development of a Class-A industrial site in this strategic position underscores the sustained demand for modern logistics and distribution space in the greater Southern California area, particularly in the Inland Empire. The region is a key hub for freight transport and supply chains in the United States.
Significance for the region
The realisation of the Locust Gateway Logistics Center by Brookfield is expected to make a substantial contribution to the local economy by creating jobs and improving infrastructure for warehousing and distribution of goods. Such projects are crucial for maintaining the region's competitiveness as a logistics hub.
Details regarding the contracting parties or the exact construction schedule were not publicly communicated. Involved companies such as Brookfield, Apollo, and CBRE declined to comment.
