Collins Commercial Corp.'s Irvine office represented both thebuyer and the seller, an Orange County-based corporation. Colliersis also handling the leasing of the 225,000-sf multi-tenantindustrial building.
The building currently has one tenant who occupies about 36% ofthe rentable space, says Tom Sherlock, director of NewportBeach-based investment banker Buchanan Street Partners. Buchanansecured the funds for Leed Warner from a private investor.
"We expect an A-rated tenant to take a significant amount ofspace in the building in October," adds Sherlock. He says thebridge loan was structured to fund additional dollars for lease-upand give prepayment flexibility to allow the new owner to obtainsuitable long-term fixed-rate financing when the property isstabilized.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
