JONES LANG LASALLE INCORPORATED

(JLL)
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Jones Lang LaSalle Incorporated : $210M loan secured for Inland Empire industrial development

06/23/2022 | 03:46am EDT

NEWPORT BEACH, Calif., June 21, 2022 - JLL Capital Markets announced today that it has arranged $210 million in construction financing for the development of the first phase of Ontario Ranch Business Park, a Class A, seven-building, 1.68-million-square-foot industrial project currently under construction in the heart of the Inland Empire in Ontario, California.

The development is owned by a joint venture between Newport Beach-based Real Estate Development Associates, LLC ("REDA") and an industrial fund managed by Clarion Partners, LLC. JLL worked exclusively on behalf of the borrower to place the three-year, floating-rate, interest-only, non-recourse loan with a national bank.

The JV acquired the 84-acre site in December 2020. Once completed, Ontario Ranch Business Park will be a state-of-the-art project with clear heights ranging from 30 to 40 feet, 287 loading positions and 775 parking stalls. The largest building, which will house 1.1 million square feet, is preleased to Fortune 100 company The Home Depot.

Positioned at the intersection of Euclid and Eucalyptus avenues, the project provides direct access to Interstate 15, SR-71 and CA-60, providing easy connectivity to the Ports of Long Beach and Los Angeles as well as Southern California's dense residential base. Additionally, Ontario Ranch Business Park is across the street from Chino Airport and convenient to both Ontario International Airport and Los Angeles International Airport.

Inland Empire Industrial market has seen overwhelming tenant demand that has continued to push vacancy downward, which now sits at a remarkable 0.4% at the end of the first quarter of 2022. JLL Researchhas found that the Inland Empire West Industrial submarket, where this project is located, has the lowest vacancy - 0.2% - making the submarket even tighter, and JLL anticipates availability to remain extremely limited over the near-term to mid-term.

The JLL Capital Markets Debt Advisory team representing the borrower included Managing Director Brian Torp, Director Peter Thompson, Associate Samuel Godfrey and Analyst Jordan Leake.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

Disclaimer

Jones Lang LaSalle Inc. published this content on 21 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2022 07:44:10 UTC.


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Financials (USD)
Sales 2022 10 269 M - -
Net income 2022 970 M - -
Net cash 2022 755 M - -
P/E ratio 2022 9,50x
Yield 2022 -
Capitalization 8 988 M 8 988 M -
EV / Sales 2022 0,80x
EV / Sales 2023 0,75x
Nbr of Employees 98 200
Free-Float 94,6%
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Number of Analysts 8
Last Close Price 181,17 $
Average target price 274,57 $
Spread / Average Target 51,6%
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Managers and Directors
Christian Ulbrich President, Chief Executive Officer & Director
Karen Brennan Chief Financial & Investment Officer
Siddharth N. Mehta Chairman
Allan Frazier Global Chief Information Officer
Benjamin Breslau Chief Research Officer
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