BREA, CA-Burke Real Estate Group of Costa Mesa has landed a construction loan of nearly $14 million via Wrightwood Capital to build the Burke Puente Business Center, a 70,380-sf office flex park that is the latest in a long line of Burke developments targeting that market. The Burke Puente Business Center is a planned multi-tenant complex that will feature three single-story buildings on a site of nearly four acres on the northwest corner of Puente and Pioneer streets.
Burke plans to demise the buildings into 18 office flex condominium units that will range from 2,613 sf to 7,956 sf, according to Chad Froman, associate director in Wrightwood Capital's Newport Beach office. Froman cites the property's proximity to Downtown Brea and the Brea Mall among the amenities serving the site, where Burke plans to begin construction of the office park soon.
The development site is near State Route 57 and the Imperial Highway, both major traffic arteries, in an area with limited competition, Froman adds. He notes that the financing represents the eighth transaction between Wrightwood Capital and Burke.
Each of the units at Burke Puente Business Center will feature 22-foot clear heights, roll-up loading doors and a high level of office finishing, including a reception area, an office, a coffee bar and mezzanine space. The project follows other Burke developments in Orange County that include the Costa Mesa-based company's Monarch Corporate Center in Costa Mesa, for which Wrightwood arranged more than $9.8 million in acquisition and construction financing last year.
In another Burke project in Garden Grove, Wrightwood provided a $7.9-million loan that covered the acquisition and construction costs of the 37,842-sf Orangewood Office Building. That project is a two-story steel frame building conversion into office condominiums.
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