LOS ANGELES-A locally based investor has secured $35 million in financing through CBRE|Melody to fund the purchase of a four-building portfolio of office and R&D buildings that it bought from the Carson-based Watson Land Co. The properties, as reported previously on GlobeSt.com, total 402,425 sf and are 100% leased.
The financing, at a loan-to-value ratio of under 70%, was arranged by Jim Beaty of the CBRE|Melody Memphis office and Sharon Kline of the company's Newport Beach office. Allstate Life Insurance Co. was the lender.
The four buildings are situated on three properties. The buildings are at 18701 Wilmington Ave. and 1815 University Drive in Carson, 4060 Watson Plaza Drive in Lakewood and 901 E. Ball Rd. in Anaheim. Northrop Grumman occupies the two Carson buildings, which total 212,000 sf.
The County of Los Angeles occupies the 71,450-sf Lakewood building, and L-3, a merchant supplier for the defense electronics and communications industry, is the tenant in the 118,975-sf Anaheim building. Terms of the financings for the Northrop Grumman, L-3 Communications, and L.A. County buildings include five-year interest-only loans at both fixed and variable rates.
Timing from the execution of the purchase and sale agreement to closing was less 45 days. CBRE|Melody notes that the loan was customized to meet the specific requirements of the institutional investor, which was crucial to closing the transaction.
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