The borrower, Oceanside Prescott LLC, owns the Prescott Industrial Park. Encompassing 266,340 sf, the industrial complex is located at 1865, 1875 and 890 Ord Way in Oceanside.
Jamie Dick and Scott Abel of the capital markets division of Burnham Real Estate Services arranged the loan, which was provided by Deutsche Banc AG.
The refinancing comes as interest rates are low and San Diego's industrial market is on the rebound. The region showed notable improvement during this year's second quarter, according to a report by Burnham Real Estate Services. The research shows that San Diego's industrial sector absorbed 605,720 sf during the second quarter of 2002, bringing the first half's total to 981,710 sf. In addition, industrial vacancy was 8.4% with availability expected to be severely limited for the foreseeable future.
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