Industrial park in San Diego closes
JLL Capital Markets arranged the sale and financing for Parkway Commerce Center in Poway, California
SAN DIEGO – Mar. 8, 2023 – JLL Capital Markets announced today that it has closed the sale of and arranged $21.43 million in acquisition financing for Parkway Commerce Center, a multi-tenant industrial park totaling 147,907 square feet in Poway, California.
JLL represented an institutional investor in the sale to SENTRE. In addition, JLL worked on behalf of SENTRE to secure a fixed-rate loan with a correspondent insurance company.
Doug Arthur, President & CEO of SENTRE, “We appreciate the long-standing relationship with both Seller and JLL and welcome Parkway to our growing portfolio of best in class industrial".
Parkway Commerce Center is comprised of two warehouse/distribution buildings and two industrial/flex buildings, which are leased to a diverse roster of tenants. The property features 19’-25’ clear heights and a total of 21 dock-high doors, 36 drive-in doors and 316 parking spaces.
Located on 9.8 acres at 13651, 13691, 13741 and 13771 Danielson St., Parkway Commerce Center offers direct access to Interstate 15, a major north/south transportation artery for the west coast. As a result, the tenants can offer same-day delivery to all Southern California.
The JLL Investment Sales team representing the Seller was led by Managing Director Bob Prendergast, Lynn LaChapelle, Ryan Spradling and Zach Saloff. “This transaction was an excellent example of the seller identifying a growth market early in the cycle, working closely with market leaders and completing its investment strategy,” said Prendergast.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Aldon Cole and Associate Brad Vansant.
JLL Agency leasing team led by Joe Anderson, Greg Moore and Jay Alexander will retain the leasing moving forward.
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.
Founded in 1989, SENTRE is a vertically integrated real estate investment firm headquartered in San Diego with extensive experience in office, industrial, retail and multi-family properties. SENTRE has acquired, developed and/or operated projects throughout the West Coast totaling more than 10 million square feet and $4B in transactional volume. In addition, SENTRE co-founded Vesta, a publicly traded industrial real estate company operating in Mexico with a portfolio of over 30 million square feet valued in excess of $2 billion.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.