The Los Angeles office of Bellwether Enterprise has closed a $164M loan for a 16-property, multistate industrial portfolio.

On behalf of an undisclosed Southern California-based private real estate investment company, Bellwether secured a loan with Great West Life and Annuity Insurance Co. The loan includes a 12-year loan term with interest-only payments for the first six years, followed by a 30-year amortization schedule, according to Bellwether officials in a news release.

Bellwether’s Shelley Magoffin and Max Sauerman arranged the loan.

The 16 properties that make up the industrial and warehouse portfolio encompass 2.9M SF across seven markets in Arizona, California, Nevada and Washington. Three buildings are outside Seattle; two in Las Vegas; two in Northern California; three in Central California; two in the Inland Empire; three in Orange County; and one in Phoenix.

The loan comes as industrial space continues to be in high demand due to the rise of e-commerce and imports from overseas.

In California, where 10 of these properties are located, the market is as hot as ever and there is no sign of it cooling down in the next three years, according to the Summer/Fall 2018 Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey.

“Frankly, we still cannot meet the demand,” Allen Matkins partner Matt Fogt said in a video about the industrial market. “My developer clients can’t find land fast enough or build buildings soon enough.”