JLL Arranges $25 Million Financing for Sierra Ridge Capital's Riverside Light Industrial Portfolio Acquisition
LOS ANGELES — JLL Capital Markets has arranged the sale and $25 million in acquisition financing for a four-asset light industrial portfolio totaling 238,473 square feet in Riverside, California, the firm announced Sept. 21, 2026.
Oxford Properties sold the portfolio to Sierra Ridge Capital, a private real estate investment and asset management firm focused on industrial properties in the western United States. Pacific Properties Group, Inc., a Los Angeles-based owner and operator of grocery-anchored shopping centers and multi-tenant industrial parks, provided the equity for the acquisition. JLL arranged a $25 million acquisition loan with a correspondent life insurance company on behalf of the new ownership.
Portfolio Assets: Two Riverside Properties Spanning Different Eras
The portfolio comprises two distinct property types within the Inland Empire market. The first asset, located at 12000 Magnolia Ave. in Riverside, is a 132,800-square-foot multi-tenant light industrial facility built in 2018 and 100% leased at the time of sale. The building features 30-foot clear heights and is sometimes referenced in legacy marketing materials as the La Sierra South Industrial Property.
The second component is Hunter Business Park at 1110–1130 Palmyrita Ave., a three-building complex totaling 105,673 square feet across 14 suites. Constructed in 1990, the business park offers 18-foot clear heights and multi-tenant light industrial configurations. The two assets together account for the portfolio's total of 238,473 square feet.
The $25 million loan equates to approximately $105 per square foot of debt across the portfolio.
JLL Teams on Investment Sales and Debt Advisory
JLL represented Oxford Properties on the investment sales side. The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Patrick Nally, Senior Director Ryan Spradling and Associate Shae Vomund. The JLL Capital Markets Debt Advisory team, which arranged the acquisition financing on behalf of the new owner, was led by Senior Managing Director Jeff Sause, Analyst Danny Ryan and Analyst Jenny Barger.
Sierra Ridge Capital focuses on well-located industrial assets in the western U.S., investing alongside institutional, family office and private capital partners and operating assets on behalf of ownership groups. Pacific Properties Group, Inc. was founded in 1990 and holds industrial and retail properties primarily in California, with additional holdings in Arizona, Nevada and Texas.
Inland Empire Industrial Market: Normalizing After Record Run
The transaction comes as the Inland Empire industrial market transitions from the historically tight conditions of 2021–2022 toward a more balanced environment. Direct vacancy in the submarket stood at approximately 7.7% in the first quarter of 2026, up from roughly 6.1% a year earlier, as a wave of new deliveries outpaced absorption. Total availability, including sublease space, reached approximately 12.7% over the same period.
Asking rents have also softened. Direct asking lease rates across the Inland Empire were running near $0.97 per square foot per month on a triple-net basis in early 2026, down from approximately $1.04 per square foot a year prior — a decline of roughly 6.7% year over year. Separate data from the second quarter of 2026 placed direct vacancy at 7.6% and total vacancy including sublease space at 8.6%, with availability at 12.9%.
Despite the cooling, cap rates for Inland Empire industrial assets have drifted into the mid-5% to approximately 6% range as higher interest rates have reset pricing from pandemic-era peaks, reflecting a market that remains active for cash-flowing assets in Southern California's logistics corridor.
About the Firms
JLL is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in over 80 countries. Its Capital Markets group includes more than 3,000 specialists in nearly 50 countries, offering investment sales and advisory, debt advisory, equity and fund placement, and related services.
Sierra Ridge Capital is a private real estate investment and asset management firm that invests as principal alongside institutional, family office and private capital partners, with a focus on industrial properties in the western U.S. Pacific Properties Group, Inc. is a regional owner and operator headquartered in Los Angeles.
Jones Lang LaSalle Americas, Inc. is a real estate broker licensed with the California Department of Real Estate, license #01223413.
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