IDS Secures $124M Post-Close Acquisition Loan for Inland Empire Cold Storage

IDS Real Estate Group secured a $124 million 10-year, fixed-rate loan with Northwestern Mutual. The loan will be used for post-close acquisition financing for 14950 Meridian Parkway, a 1,170,994-square-foot cold storage facility in Riverside, California.

The property is 100% leased to United Natural Foods, the largest publicly traded wholesale distributor serving the United States and Canada. This location serves as UNFI’s main cold storage facility in Southern California. Originally completed in 2007 and subsequently renovated and expanded in 2020, the facility is comprised of 39% cold storage and 61% dry storage space with temperature-controlled warehouse space ranging from -10°F to +60°F. The project offers 42’ clear heights, 185 dock doors and approximately 700 parking spaces.

Positioned on 59.4 acres within the Moreno Valley/Perris industrial submarket, 14950 Meridian Parkway is adjacent to Interstate 215, which provides access to other major thoroughfares. As a result, the property is positioned to serve Los Angeles, San Diego and the Inland Empire, with access to the entire western U.S.

JLL Capital Markets secured the loan with a team led by Head of Debt Advisory – Asia Pacific Paul Brindley, Senior Director Matt Stewart and Director Alethia Halamandaris.