BREA, CA-The new owners of the Fairway Center I office building have secured a $21.5-million acquisition loan for the purchase of the 145,414-sf class A office building, according to Holliday Fenoglio Fowler. Paul Brindley of the Los Angeles office of Holliday Fenoglio Fowler reports that the loan is an eight-year, 5.72% fixed-rate financing through Cigna Investments.
The office property is owned by CH Realty III/Fairway LP, an affiliate of Crow Holdings Realty Partners III LP. Fairway Center I is fully occupied by tenants including 21st Century Insurance Group, Apani Networks, Beazer Homes and Citibank. It is situated on 5.5 acres at 1800 E. Imperial Highway in Brea, two blocks east of the Orange Freeway.
The loan closed in 30 days to meet the seller's deadline. Brindley says the quick closing was made possible by a previous relationship among HFF, the borrower, and the lender, along with the strong and promising Orange County office market. The Fairway Center I building was the first of two class A structures at the Imperial Highway location that were developed in separate projects, the second of which was completed in 2002.
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