JOC Staff | Nov 09, 2012 3:45PM EST
Investment firm Stirling Capital Investments recently secured a $70 million refinance loan from Bank of America for the Southern California Logistics Centre, a 2,500-acre commercial and industrial complex in Victorville, Calif., arranged by commercial real estate investment bank Johnson Capital.
The complex is part of Global Access Victorville, which encompasses the Southern California Logistics Airport.
The loan covers the existing debt, as well as funding of the current 176,800 square foot expansion underway on a facility within the SCLC portfolio, slated for completion in December, to accommodate increased distribution needs of commercial products marketer Newell Rubbermaid.
To date, Stirling Capital Investments has developed over 3 million square feet of Class A industrial space at SCLC.