$19.2M refinancing secured for Cable Business Park in the Inland Empire market
JLL Capital Markets arranged the financing for a 283K SF, 11-building industrial park in Upland, CA
LOS ANGELES, Nov. 11, 2024 – JLL Capital Markets announced today it secured a $19.2 million refinancing of Cable Business Park, an 11-building industrial park spanning 283,164 square feet in Upland, California.
JLL represented Cable Commercial Center, LLC to secure the fixed-rate, five-year loan through Principal Asset Management SM.
Built in 2004, the park is fully leased to 41 diverse tenants who have collectively contributed to the site’s remarkable 99% average occupancy rate since 2016. The property offers a wide variety of suite sizes ranging from 1,500 to 39,000 square feet, featuring 18–24-foot clear heights, ample parking and dock-high/ground level loading. The property also features 10 airplane hangars with direct access to the adjacent Cable Airport, the largest privately owned public-use airport in the United States which adds unique value to the property by accommodating executive and tenant travel needs.
Situated in the Inland Empire West submarket, Cable Business Park benefits from its strategic location near major transportation corridors, including the I-10, I-15 and I-210 freeways. The industrial park is well-positioned to take advantage of Southern California's integral distribution channels, connecting businesses to critical infrastructure and dense population centers throughout the region.
The JLL Debt Advisory team was led by Director Alex Olson and Associate Jalynn Borders.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Principal Asset ManagementSM
With public and private market capabilities across all asset classes, Principal Asset Management and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets.1 Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $585.6 billion in assets1 and recognized as a “Best Places to Work in Money Management”2 for 12 consecutive years.
[1] As of September 30, 2024
[2] Pensions & Investments, “The Best Places to Work in Money Management”, among companies with 1,000 or more employees, December 12 2023.