The 226,938-square-foot warehouse and manufacturing facility includes 15,000 square feet of office space and is located less than a mile east of the 605 Freeway and a mile south of Interstate 10. The building is 100% leased to Orange County Container, which is an integrated paperboard and paper-based packaging manufacturer.
Krall comments that, considering that lenders are reluctant to extend any credit to borrowers in this difficult environment, obtaining the financing "was especially challenging due to the non-rated credit tenant, and the fact that the industrial property was built in the early 1960s." Krall says that Cohen Financial was able to overcome these challenges by "working closely with the bank to help them understand the solid business plan and financial statements of the tenant, as well as the strength of the sponsorship, which is AIC's seventh $100 million fund."
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