Keystone Refis 244,000SF Warehouse Asset

LA MIRADA, CA-Keystone Mortgage Corp.'s Orange County office has closed a $12.5-million loan to refinance a 244,000-square-foot multi-tenant warehouse distribution facility here. The non-recourse, fixed-rate loan was procured on behalf of VOIT VIC Partners LLC.

Keystone director James Ruiz partnered with SVP/principal Nicholas Viscount to arrange the loan for the transaction, which closed with a correspondent life company and will be serviced by Keystone.

“Keystone's expertise and sterling relationships within the capital markets allow us to offer our clients the best terms available in the marketplace,” says Ruiz. “Our ability to provide not only creative, highly competitive quotes to top-tier borrowers, but also certainty of execution and a thorough knowledge of the underwriting and closing process are why our clients hire us.”

As GlobeSt.com reported earlier this month, Orange County ranks as the market with the second-lowest expected 2013 industrial vacancy rate in the country, according to Marcus & Millichap. Second to Houston, Orange County joins several other western markets with low expected vacancy rates, including Los Angeles, Seattle-Tacoma, Salt Lake City, Riverside-San Bernardino, Denver and Portland, the firm reports.

Year-end 2012 industrial vacancy for Orange County was 6%, and year-end 2013 vacancy for the region is expected to reach 4.9%, the firm reports. Houston's year-end industrial vacancy for 2012 was 4.9% and is expected to reach 4.8% by year-end 2013.

Exceptional demand exists for modern class-A bulk warehouse facilities in markets with proximity to major ports, linkages to intermodal transportation hubs and access to air cargo nodes, according to M&M. Brisk leasing and build-to-suit activity ties directly to or indirectly to port-related activities in many of the top-ranked markets including L.A. and Seattle-Tacoma.