P
roficiency Capital has secured a $32.2 million loan to acquire two industrial parks in Pomona and Chino, California. The Irvine-based investor purchased the McGee Business Center I at 2300 South Reservoir Street in Pomona and McGee Business Center II at 12301-12395 Mills Avenue in Chino from seller 'C' McGee Electric. The purchase price was not disclosed.

    The two properties, totaling 231,700 square feet across nine buildings, are strategically located near major freeways, with Business Park I being less than a mile from the 60 Freeway and about 2 miles from the 71 Freeway. The business parks have 71 industrial suites averaging 3,300 square feet, with minimal office buildouts.

    City National Bank provided the three-year, floating-rate loan for Proficiency Capital. Brokers Peter Thompson, Kyle White, and Nick Englhard of JLL Capital Markets arranged the deal. This acquisition is part of a larger trend in the nation's biggest warehousing market, where firms are borrowing money to buy industrial properties.

    Proficiency Capital has developed over 1,000 acres of land and $500 million in industrial projects containing more than 25 million square feet since its founding in 1996. The company joins other investors in securing significant loans for industrial acquisitions, including a $41.3 million bridge loan for a self-storage facility in San Gabriel and an $84.8 million loan for an industrial development in Irvine.