Iconic Equities has received $16.2 million in senior financing for an industrial outdoor storage project in Fontana, Calif. JLL Capital Markets worked on behalf of the borrower to secure the financing through SG Capital Partners.

Located at 8247 Lime Ave., the development will comprise a truck yard and a 12,500-square-foot distribution facility. The 5.7-acre property is close to interstates 15 and 10 and within 66 miles of Los Angeles International Airport and the Port of Los Angeles. Ontario International Airport is roughly 10 miles southwest.

Despite current economic conditions, e-commerce is still growing, driving tenant demand for industrial outdoor storage assets, a recent Marcus & Millichap report shows. IOS properties recorded some of the lowest vacancy rates, below 3 percent on average as of March, the same report reveals.

Since the beginning of the year, several joint ventures were created for the acquisition and development of new IOS products. One of these partnerships emerged in April, when Centerbridge Partners joined forces with Dalfen Industrial, planning to invest in markets with major ports and key logistics nodes.

In March, GreenPoint Partners launched a $500 million IOS storage platform, with GCM Grosvenor as its main investor. The investment funds will be used for acquisition of semi-truck parking and trailer storage assets across the U.S.