PACIFIC BUSINESS CENTER SITE IN LA CHANGES HANDS, RECEIVES $73.8M IN FINANC
LOS ANGELES – The 39-acre site of the future Pacific Business Center, an industrial development in the Los Angeles submarket of Bell, has received $73.8 million in financing. The funds will be used to acquire and develop the project. The site was acquired by Pacific Industrial for more than $44 million. It will be located at 5600 Rickenbacker next to the 710 Freeway.
The land was the former World War II Cheli Air Force Base GSA site. It was entitled for 840,390 square feet of development. Pacific Industrial plans to develop a three-building, Class A industrial campus totaling about 550,000 square feet in the first phase of development. Construction will commence immediately and is scheduled for completion next October.
The seller, the City of Bell, was represented by CBRE’s John Privett and Cameron Merrill. The non-recourse loan was arranged by HFF’s Brian Torp and Don Curtis through a global investment firm.