$756M Financing Package
Commercial Observer
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The developers behind the conversion of a former Southern California NASCAR track into an industrial park have secured one of the largest commercial real estate financing packages of 2024 so far. What are the details? Find out! Also for today: It appears the era of the star broker at commercial real estate services firms is over.
— Tom Acitelli, Deputy Editor
Speedway Commerce Center Lands $756M Loan Package Led By Bank OZK
The development group transforming a former NASCAR racetrack in Southern California into a massive logistics project has secured construction financing to build out the first phase of the industrial park. A fund sponsored by CBRE Investment Management, along with Ross Perot Jr.’s Hillwood Investment Properties, closed a $756 million financing package for the construction of the first phase of Speedway Commerce Center in Fontana, Calif., in the Inland Empire — the nation’s top industrial real estate market. A source familiar with the deal confirmed that Bank OZK provided the senior loan, while BDT & MSD Partners provided the mezzanine portion.
Check out our newest Deals of the Week newsletter, featuring the top commercial real estate transactions at a glance — plus a deep dive into the key players behind each transaction.
The End of the Super Broker Era in Commercial Real Estate
Is the era of the super broker over? That’s the question that had to be raised in the last couple of months when two prominent New York City-based investment sales brokers left their perches at large public real estate services firms. Bob Knakal is out at JLL. Darcy Stacom is gone from CBRE, and is starting her own firm. Does a commercial real estate broker’s name carry as much weight as it did in the heydays of Edward S. Gordon, the late founder of commercial real estate brokerage the Edward S. Gordon Company (which he sold to Insignia Financial Group)? Or Peter Hauspurg, the late co-founder of the now-defunct investment sales shop Eastern Consolidated?
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