Essex Lands Financing for Talega Center

SAN CLEMENTE, CA-Essex Realty Management of Costa Mesa has secured $9.75 million in financing provided by Wrightwood Capital to acquire the Talega Corporate Center, a 22-unit flex-office project of nearly 49,000 sf. The Wrightwood financing will fund both the acquisition of the office complex in San Clemente and the conversion of the space to condominiums for sale.Talega Corporate Center, formerly known as Burke Corporate Center, is part of the 51-acre Talega Business Park. The buildings are at 1221-1235 Puerta del Sol, near the intersection of Avenida Pico and Avenida Vista Hermosa.The Talega Corporate Center portion of the Talega Business Park consists of four buildings comprising 22 flex-office units that range from 1,744 sf to 4,398 sf and are 100% occupied. The Talega deal is the third project that Essex has financed through Wrightwood, which also funded the company's Orangeshow Commerce Center and Waters at Creekside projects, according to Jason Choulochas, western regional director for Wrightwood.Talega is a 3,500-acre master-planned community in San Clemente that is planned for more than 4,000 homes along with office developments, medical and professional buildings, retail centers and other projects. The project is near the southwest corner of Avenida Pico and Vista Hermosa.The Talega Business Park portion of the master plan also includes larger buildings, some in sizes ranging from nearly 13,000 sf to more than 15,000 sf, which have been marketed both for sale and for lease.