CITY OF INDUSTRY, CA-New loans totaling more than $30 million have refinanced two buildings measuring one million sf at the Grand Crossing Industrial Park, according to the Irvine office of Johnson Capital. Greg West of Johnson Capital's Irvine office reports that the deals included a $19.2-million loan for a 650,000-sf building and an $11.4-million loan for a 350,000-sf building at the Grand Crossing project, which was developed by Majestic Realty.
The larger of the two buildings is a concrete tilt-up distribution facility that was built in 2005 and is 100% occupied by Home Depot Supply Inc. The other building is also a concrete tilt-up facility and was completed in 2006. It is 100% occupied by Golden State Foods Inc. and Sunpentown International.
The Grand Crossing development is a 400-acre master planned industrial center designed for more than 6.45 million sf at build-out. It is near the intersection of the Pomona (60) and Orange (57) freeways, with Union Pacific Rail service to the buildings.
The Home Depot Supply lease was one of the largest industrial transactions in the San Gabriel Valley in 2005, according to a GlobeSt.com report when the office supply firm signed the deal. Home Depot Supply Inc. is a division of the office supply chain that services business-to-business customers such as building and property managers and maintenance professionals.
The 350,000-sf building included 270,000 sf that Majestic Realty constructed as a build-to-suit for Golden State Foods, a food processor and distributor. The building includes cooler and freezer space as well as sales and service offices for the good distribution company.
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