LOS GATOS, CA-A new owner has acquired the 10-building, 250,00-square-foot Los Gatos Busness Park with $33 million in acquisition financing arranged by the CB Richard Ellis Group Capital Markets Debt & Equity Finance division. The property is an R&D campus in the West Valley submarket of Santa Clara County, notes the CBRE team that placed the acquisition financing for the campus with a national bridge lender. The financing carries a floating rate spread priced over the 30-day Libor. The non-recourse financing is priced interest-only over the term of the loan.

The CBRE Capital Markets announcement regarding the financing did not name the buyer or the seller of the property, but other sources say that LG Business Park LLC bought Los Gatos Business Park, which is at 100-160 Albright Way, from Huettig & Schromm Inc. of Palo Alto, CA.

John Nelson, executive vice president and Michael Walker, lead analyst of CBRE Capital Markets in San Francisco, originated the loan on behalf of the buyer. Nelson and Walker also provided consultation on the joint-venture equity structure.

Nelson comments, "This was a highly sought-after investment for both the debt and the equity. We were able to deliver a structured financing that allows the buyer the ability to hold the asset long-term based on its existing use and/or allows great flexibility to reposition the asset. The location, in-place cash flow and long-term redevelopment potential made this site very attractive to both debt and equity sources."