Office Sale Demonstrates Increased Value-Add Liquidity

Alton Deere Plaza features six one- and two-story office buildings totaling 185,245 square feet.

SANTA ANA, CA—Alton Deere Plaza, a multi-tenant office park in the Irvine Business Complex here, has been sold to Benchmark Holdings for $32.8 million. The property will be repositioned by the new owners.

CBRE Debt & Structured Finance arranged the joint venture equity and senior debt financing for the acquisition and repositioning of the property. The firm’s Shaun Moothart and Bruce Francis arranged the debt and equity funding on behalf of the buyer, while CBRE’s Anthony DeLorenzo, Gary Stache, Sean Sullivan, Todd Tydlaska and Ted Snell represented the seller. Moothart and Francis facilitated a five-year floating-rate bridge loan priced in the mid-200s over LIBOR, with interest-only for the entire term of the loan.