LA Investor Buys Santa Ana Building

LA-based Leed Warner LLC has obtained joint venture and senior bridge loans totaling about $15.6 million for the acquisition, improvement and retenanting of the Warner Avenue Industrial Building at 1505 E. Warner Ave. here.

Collins Commercial Corp.’s Irvine office represented both the buyer and the seller, an Orange County-based corporation. Colliers is also handling the leasing of the 225,000-sf multi-tenant industrial building.

The building currently has one tenant who occupies about 36% of the rentable space, says Tom Sherlock, director of Newport Beach-based investment banker Buchanan Street Partners. Buchanan secured the funds for Leed Warner from a private investor.

“We expect an A-rated tenant to take a significant amount of space in the building in October,” adds Sherlock. He says the bridge loan was structured to fund additional dollars for lease-up and give prepayment flexibility to allow the new owner to obtain suitable long-term fixed-rate financing when the property is stabilized.