PGIM Real Estate has provided $66m (鈧�61m) in acquisition finance for the 6275 Lance Drive industrial facility in California.
PGIM Real Estate said the fixed-rate eight-year loan was arranged on behalf of a TA Realty advised borrower.
Brett Ulrich, principal at PGIM Real Estate, said: 鈥淭he successful execution of this transaction within an uncertain economic environment is a testament to the strength of the asset, which has a long-term lease with a credit tenant and is situated in one of the most desirable industrial submarkets in the country.鈥�
Dedeaux Properties reportedly sold the 1m sqft facility in Riverside to an unnamed buyer in February this year. The fully-leased 6275 Lance Drive industrial asset spans 47 acres.
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