LOS ANGELES—The Ratkovich Co. has restructure the ownership of the Alhambra, a 45-acre mixed-use community. ELITE International Investment Fund and Future Land Holdings have partnered with the Ratkovich Co. to form a new ownership structure. The agreement included full payment of the existing CMBS loan on the property, and replacement with new debt.
“The Ratkovich Co., Elite and Future Land Development share a vision for the future of the property and look forward to being a part of the exciting growth that Alhambra and the San Gabriel Valley are experiencing,” Wayne Ratkovich, President and CEO of The Ratkovich Co., tells GlobeSt.com. “We also have an opportunity to enhance the property with residential, to which both Elite and Future Land Development bring a tremendous amount of experience.”
The Ratkovich Co. has owned the Alhambra for more than two decades. The previous ownership structure had reached the end of its term, according to Ratkovich. “As a natural course of business, we looked at new options,” he says.
The property is currently 75% leased, and this new ownership structure comes just as the Ratkovich Co. has signed two new tenants. The County of Los Angeles Parks and Recreation Division has signed a 55,583-square-foot lease for its headquarter location, and The University of Southern California's Keck School of Medicine expanded its lease, adding 22,475 square feet to enhance their USC Care program. “We continue to lease the property and grow the occupancy back to its historic levels,” says Ratkovich. “In line with the overall plan for the property, we are also pursuing the residential entitlements to fully accomplish our vision of the “Urban Community.”
LOS ANGELES—The Ratkovich Co. has restructure the ownership of the Alhambra, a 45-acre mixed-use community. ELITE International Investment Fund and Future Land Holdings have partnered with the Ratkovich Co. to form a new ownership structure. The agreement included full payment of the existing CMBS loan on the property, and replacement with new debt.
“The Ratkovich Co., Elite and Future Land Development share a vision for the future of the property and look forward to being a part of the exciting growth that Alhambra and the San Gabriel Valley are experiencing,” Wayne Ratkovich, President and CEO of The Ratkovich Co., tells GlobeSt.com. “We also have an opportunity to enhance the property with residential, to which both Elite and Future Land Development bring a tremendous amount of experience.”
The Ratkovich Co. has owned the Alhambra for more than two decades. The previous ownership structure had reached the end of its term, according to Ratkovich. “As a natural course of business, we looked at new options,” he says.
The property is currently 75% leased, and this new ownership structure comes just as the Ratkovich Co. has signed two new tenants. The County of Los Angeles Parks and Recreation Division has signed a 55,583-square-foot lease for its headquarter location, and The University of Southern California's Keck School of Medicine expanded its lease, adding 22,475 square feet to enhance their USC Care program. “We continue to lease the property and grow the occupancy back to its historic levels,” says Ratkovich. “In line with the overall plan for the property, we are also pursuing the residential entitlements to fully accomplish our vision of the “Urban Community.”
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