PGIM Lends GLP $333M on Inland Empire Industrial

PGIM Real Estate, on behalf of its core-plus debt strategy, has provided $333 million in floating-rate financing to GLP Capital Partners Inc. (GCP) for the acquisition of three industrial properties in Southern California’s Inland Empire. Earlier this month, PGIM Real Estate provided a $455-million financing to Alere Property Group for an eight-building industrial portfolio, also in SoCal. 

PGIM Real Estate provided two separate loans to GCP: a $175-million loan on a collection of newly delivered buildings, and a separate $158-million loan on two existing projects. 

“PGIM Real Estate has strong conviction in the industrial sector, and we’re proud to support GCP’s growing portfolio across the Inland Empire,” said Trevor Arnholt, VP at PGIM Real Estate, who led the financing on the firm’s behalf. “Year to date we have enjoyed the ability to write larger loans as part of our core-plus strategy, and we’re excited to continue this trajectory.”