Robert S. Morey of the commercial mortgage firm says the loan was provided by Morgan Stanley, a conduit lender.
The buyer of the building was Teles Properties, a Los Angeles-based private investment group.The office building was constructed in 1988 and is part of Gateway Corporate Center, a 255-acre, master-planned business park that lies between the Pomona (60) and Orange (57) freeways. The 50,351 sf is 100% leased, with Kelly Clarke as the major tenant.
According to a previous GlobeSt.com report, Teles bought the building for $6.9 million from a partnership of IRP Muller Associates, which had owned the property for about four years. The 1470 S. Valley Vista property is a stand-alone, steel-frame building that is part of more than 3 million sf of office space in about 20 buildings at the Gateway Corporate Center.
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