Collins Commercial Corp.'s Irvine office represented both the buyer and the seller, an Orange County-based corporation. Colliers is also handling the leasing of the 225,000-sf multi-tenant industrial building.
The building currently has one tenant who occupies about 36% of the rentable space, says Tom Sherlock, director of Newport Beach-based investment banker Buchanan Street Partners. Buchanan secured the funds for Leed Warner from a private investor.
"We expect an A-rated tenant to take a significant amount of space in the building in October," adds Sherlock. He says the bridge loan was structured to fund additional dollars for lease-up and give prepayment flexibility to allow the new owner to obtain suitable long-term fixed-rate financing when the property is stabilized.
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