Bob Morey of the Los Angeles office of Holliday Fenoglio Fowler, which arranged the financing, says the transaction involves a 10-year, 5.61% fixed-rate, securitized loan through Morgan Stanley Mortgage Capital.
The 12-story office building, situated on a one-acre site at the northeast corner of Wilshire Boulevard and Serrano Avenue, includes a 607-space attached parking garage.
Tenants include the law firm of Bonne, Bridges & Mueller, Wilshire Business Center, 24 Hour Fitness and Serrano Café. The property has an excellent operating history with a well-diversified tenant base and no roll-over concentration, Morey says.
The occupancy of the building is 90%, meaning its vacancy is lower than the average vacancy in the roughly 7 million sf of office space in the Mid-Wilshire District. The direct vacancy rate for Mid-Wilshire was more than 12% at the end of the fourth quarter of 2003, according to industry reports.
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