ONTARIO, CA—HFF has secured a $54million refinancing for a distribution center andwarehouse facility here that is the main distribution center forPier 1 Imports, Inc.'s West Coastoperations.
HFF worked exclusively on behalf of the borrower, institutionalinvestors advised by J.P. Morgan Asset Management,to secure the fixed-rate loan through Cornerstone RealEstate Advisers. Funds will be used torefinance an existing loan and construct a243,665-square-foot expansion for Pier 1, bringingthe total square feet of the center to 991,110 when completed in2015.
The Pier 1 distribution center is situated on 46.58acres at 3000 East Philadelphia Street, directly off ofthe South Haven exit from the Pomona Freeway (SR-60). The asset is less than four miles south of the LosAngeles/Ontario International Airport and 55 miles fromthe ports of Los Angeles and Long Beach. Built in1999 as a build-to-suit for Pier 1, the single-storybuilding has a 30-foot clear height and 54 dock-high loadingdoors. The planned expansion will add 26 additionaldoors.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
