FONTANA, CA—Xebec Realty Partners has secured a$23 million forward commitment for the development of theCatawba Distribution Center in Fontana, CA. The310,550-square-foot industrial facility sits on a 13.8-acre site,which is fully entitled for the development. Construction isscheduled for completion in August 2015.

According to Anthony Brent, senior managingdirector at HFF, who secured the transaction onbehalf of Xebec Realty, the commitment will cover the total projectcost including carry and leasing costs, tenant improvements andcost to stabilization. “The buyer will close land cash and fundconstruction with a loan,” he tells GlobeSt.com. HFF managingdirector Ryan Martin worked alongside Brent tosecure the funds. The terms of the transaction are undisclosed.

Located at the northwest corner of Santa Anna Avenue and CatawbaAvenue in Fontana, the property will be a class-A facility with32-foot clear heights, 180-foot secured concrete truck court and 35dock-high positions with 59 trailer positions. “We marketed theproject for three months and secured multiple interested partiesseeking to building and acquire new class-A construction,” saysBrent. “The most challenging part was finding core capital toinvest into a single asset under $50 million.”