- Hillwood refinanced Speedway Commerce Center, a fully leased 656,000 SF industrial park in Rancho Cucamonga, with a $138.6M loan from Barings that retired a $140M construction note.
- The two buildings opened in 2023 near the former Auto Club Speedway site, which Hillwood and CBRE Investment Management bought for $559M and plan to redevelop.
- Inland Empire leasing rose 16.9% in the first nine months of 2026, and buildings over 500,000 SF made up 35% of that activity.
Hillwood landed a $138.6M refinancing from Barings on Speedway Commerce Center, a 656,000 SF Rancho Cucamonga, Calif., industrial park that is 100% leased, according to Commercial Property Executive.
The new debt paid off a $140M construction note that QuadReal Finance provided in 2022, Yardi Matrix data shows.
Get Smarter about what matters in CRE
Stay ahead of trends in commercial real estate with CRE Daily – the free newsletter delivering everything you need to start your day in just 5-minutes
The Property
Two buildings opened in 2023. The bigger, at 500,403 SF, signed one tenant for the whole building in July, per Kidder Mathews research.
The 155,230 SF building went to Lowe’s in 2023, with the retailer moving in during 2024.
Both carry rooftop solar. The bigger building has 40-foot clear heights and the smaller has 32-foot clears. The site has 102 dock doors, plus car parking for 385 vehicles and truck parking for 107.
Next to the Old Speedway
The address is 13120-13160 Napa St., roughly three miles off the I-10/I-15 interchange and six miles from Ontario International Airport.
The former Auto Club Speedway is within walking distance. Hillwood and CBRE Investment Management paid $559M for its 364.2 acres in 2023, with a plan for 6.6M SF of industrial space.
Last year Hillwood finished a pair of buildings totaling 1.8M SF on that site, and Yardi Matrix shows a 1.2M SF lease signed there this year.
Zoom Out
Cushman & Wakefield tracked a 16.9% year-over-year jump in Inland Empire leasing, to 38.8M SF, from January through September 2026. Buildings over 500,000 SF made up 35% of it.
Other California markets are drawing attention too. CRE Daily reported that Bakersfield ranked No. 1 among U.S. industrial boomtowns.
Big refinancings are common in the region. Lewis Group of Cos. closed a $135.2M U.S. Bank loan in May on Building D at Meridian Business Park, a 782,209 SF property, per Yardi Matrix.
Why It Matters
A $138.6M take-out on a fully leased park shows stabilized big-box product can still clear a large permanent loan. With bigger buildings driving about a third of leasing, that is the profile in demand.
What’s Next
Hillwood is active outside California too. CRE Daily reported it is looking to sell 150 acres of Austin industrial land.
