IRVINE, CA-M2 Properties of Marina del Rey has secured a $14.5-million acquisition and construction loan through Wrightwood Capital to finance the conversion of 95,000 sf of warehouse space at 16782 Von Karman Ave. into office and industrial condominiums for sale. The project, called the Von Karman Center, will convert two warehouse buildings into six office condominium units ranging from 1,700 sf to 5,800 sf and 12 industrial condos ranging from 3,200 sf to 8,200 sf.

Joe Tang, a principal of M2 Properties, tells GlobeSt.com that the project is scheduled to be completed in the second quarter of 2007. The property is within a block of the former Tustin Marine Corp Air Station, which is undergoing redevelopment, notes David Kadin, investments director in Wrightwood Capital's Newport Beach office.

Kadin says that the project's location--within the triangle formed by the Interstate 5, Interstate 405, and California Route 55 freeways--and the sponsorship by M2 both worked in favor of the deal. M2 Properties has specialized in the renovation and repositioning of commercial properties since its founding in 2000. The Marina del Rey-based company's other projects include a $19-million industrial condominium conversion of 70,000 sf called Valencia Business Center in Tustin that was financed by Johnson Capital, as well as retail, multifamily and office projects in Pasadena and Azusa.

The Von Karman Center transaction was sourced through Greg Richardson, Mark Wolf, and Spencer Rinker of Johnson Capital's Irvine office. The listing agents for the property are Bill Livesay and Walter Frome of the Irvine office of Trammell Crow Co.