RIVERSIDE, CALIF. — IDS Real Estate Group has received $124 million in post-close acquisition financing for 14950 Meridian Parkway, a cold storage facility in Riverside.
Paul Brindley, Matt Stewart and Alethia Halamandaris of JLL Capital Markets arranged the 10-year, fixed-rate loan with Northwestern Mutual for the borrower.
United Natural Foods (NYSE: UNFI), the largest publicly traded wholesale distributor serving the United States and Canada, fully occupies the 1.2 million-square-foot property, which is situated on 59.4 acres within the Moreno Valley/Perris Industrial submarket.
Originally completed in 2017 and renovated and expanded in 2020, the facility consists of 39 percent cold storage and 61 percent dry storage space with temperature-controlled warehouse space ranging from -10 degrees Fahrenheit to 60 degrees Fahrenheit. The property features 42-foot clear heights, 185 dock doors and approximately 700 parking spaces.