Bolour Provides $22.3M Refi For Orange County Offices: This Week's Los Angeles Deal Sheet
An Orange County office park received a refinance from Bolour Associates Inc. The firm provided a $22.3M, 24-month office refinance loan in Buena Park through affiliate BA Debt Fund LLC.
Village Business Park spans 144K SF in two multitenant, two-story buildings at 7000 and 7001 Village Drive.
The Bolour loan includes funds for future leasing needs to promote asset stability. The asset is at 82% occupancy and has a “looming debt maturity,” which is why it required a higher-leverage debt option, according to a release from Bolour.
CBRE represented the borrower.
PEOPLE
CBRE announced Josh Caruana has joined the company as market leader for its Los Angeles north region, overseeing the Glendale, Woodland Hills and Oxnard offices.
In this role, Caruana will be responsible for developing and implementing strategic direction and day-to-day leadership. Caruana will also focus on expanding CBRE’s business across the San Fernando Valley, Tri-Cities and Ventura County.
Caruana joins CBRE from Marcus & Millichap, where he built a track record in brokerage and sales management across Southern California.
***
JLL Capital Markets Senior Managing Director Paul Brindley has returned to LA to co-lead JLL’s Los Angeles capital markets team alongside Senior Managing Directors Jeffrey Bramson and Jeffrey Sause.
Brindley was based in JLL’s Asia-Pacific headquarters in Singapore. Over the past four years, he laid the foundations for the APAC debt and structured finance business. Brindley has been with JLL and predecessor HFF for 26 years.
SALES
Cushman & Wakefield arranged the sale of Raceway Industrial, a 229K SF, Class-A logistics facility at 3125 Lionshead Ave. in Carlsbad, for $72.9M.
Cushman & Wakefield’s Aric Starck and Drew Dodds represented the unnamed institutional seller, while Brant Aberg and Bryce Aberg, also of Cushman & Wakefield, represented the private capital buyer.
***
DRA has sold the Signal Hill Commerce Center, a portfolio of three industrial properties with 89K SF across four buildings in Signal Hill, for $24M.
The properties at 2698 Junipero Ave., 2300 Walnut Ave. and 2700 Rose Ave. were acquired by an undisclosed out-of-state high net worth buyer for $24M, or $268 per SF.
CBRE's Michael Longo, Eric Cox, Grant Goldman, Mark Shaffer, Anthony DeLorenzo and Brian Held represented DRA in the transaction. Greg Grant and Pete Obradovich, with CBRE's debt and structured finance practice, organized the funding.
The portfolio is 87% leased to 46 tenants with unit sizes ranging from 1,250 SF to 4,180 SF. All four buildings feature a 24-foot clear height and between 12 and 20 ground-level doors.
***
JLL brokered the sale of Coachella Plaza, an 85K SF shopping center at 50249 Cesar Chavez St. in Coachella, to a private investor for $12.9M.
Coachella Plaza counts Cardenas Markets, Planet Fitness, WSS, Absolute Dollar and Innercare as tenants. The center was 100% occupied at the time of sale.
JLL’s Max Kinsbruner and Brian Quinn represented the seller, an undisclosed private investor, as well as the unnamed buyer.
***
CBRE negotiated the sale of a 33K SF retail property at 9137 Central Ave. in Montclair to BomaBompa LLC for $6.3M. The seller and buyer weren’t disclosed.
CBRE’s Alex Kozakov, Patrick Wade, Matthew Greenberg and Bo Henderson represented the seller.
The fully leased shopping center is anchored by longtime tenants Petco and Harbor Freight. Recent improvements to the center include a new roof, upgraded HVAC systems and refreshed parking lot striping.
FINANCING
JLL Capital Markets arranged a refinancing package, including a senior loan from BMO Bank N.A. and a mezzanine loan from MetLife Investment Management, for Huntington Hotel Group's 350-key hotel portfolio at Liberty Station.
JLL worked on behalf of the borrower to secure the floating-rate financing package with a term of up to five years. The JLL team was led by Timothy Wright, Olga Walsh and Jack Wood.
The dual-branded complex includes the 200-room Courtyard by Marriott and 150-room Homewood Suites by Hilton. The properties are between San Diego International Airport and the downtown core. The hotels share 213 surface parking spaces while maintaining separate operations across distinct four-story buildings.
