City National Bank Provides $32M for SoCal Industrial Parks: Sources

A Southern California developer landed an acquisition loan for two industrial parks in eastern Los Angeles County and the neighboring Inland Empire. 

Irvine-based Proficiency Capital secured about $32.2 million for McGee Business Center I & 2, which together total 231,696 square feet across nine buildings. City National Bank provided the three-year, floating-rate loan, a person with knowledge of the deal told Commercial Observer. 

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Business Park I consists of four buildings at 2300 South Reservoir Street in Pomona, while Business Park II, comprising five buildings, is at 12301-12395 Mills Avenue in Chino. JLL Capital Markets’ Peter Thompson, Kyle White and Nick Englhard arranged the deal for Proficiency Capital.

Neither the borrower nor City National Bank immediately responded to requests for comment. 

Proficiency Capital isn’t the only firm accruing new debt tied to industrial properties in the nation’s biggest warehousing market. Self-storage developer 1784 Holdings earlier this month landed a $41.3 million bridge loan tied to a 132,000-square-foot storage complex in the city of San Gabriel, while at roughly the same time Tishman Speyer and Mitsui Fudosan America were signing the contract for an $84.8 million loan for an industrial development in Irvine. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.