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ALHAMBRA, CA-An affiliate of American International Group has acquired the interest of Connecticut General Life Insurance Co. in the Ratkovich Co.’s one-million-sf Alhambra mixed-use project in a $200-million transaction. Wayne Ratkovich, president of the company, says that the new partnership will provide resources to continue the management and development of the 45-acre Alhambra project at 1000 S. Fremont Ave.

The financing for the partnership included a $130-million loan with Goldman Sachs and the placement of a new $6.15-million loan on the Shops at the Alhambra, a 17,693-sf neighborhood shopping center built by the Ratkovich Co. in 2004 across Fremont Avenue from the main Alhambra campus. The deal was put together by Bill Boyd, SVP with Grubb & Ellis in Downtown Los Angeles, and Scott McMullin, executive managing director of Holliday, Fenoglio, Fowler.

Ratkovich acquired the Alhambra project in 1999. The property, which comprises 20 mid-rise office buildings on a landscaped campus, was originally constructed as the headquarters for CF Braun Engineering.

Since Ratkovich took over management and expansion of the campus, the company has leased it to a variety of commercial, public sector and education companies. Among them are the USC Keck School of Medicine, Tenet Healthcare, the Los Angeles County Department of Public Health Services, Southwest Administrators, Bryman College, Alliant International University, Platt College and the L.A. County Sheriff’s Department.

The retail portion of the development is fully leased to tenants such as Starbucks, Jamba Juice, Subway and Pick-Up Stix. Plans for future development include an L.A. Fitness facility and the construction of more than 300 condominiums and townhouses on the northeastern end of the campus.

In addition, the Alhambra includes seven acres remaining on the southwestern edge of the property that the Ratkovich Co. intends to develop in the next few years, Ratkovich says. Overall occupancy at the Alhambra stands at approximately 95%, compared with less than 35% when Ratkovich bought it.

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