Bisnow just learned Ridge Capital Investors has picked up the 191k SF office and R&D portfolio for $35.1M in an REO deal, with plans to upgrade and rebrand the property.
Mission Capital Advisors arranged $27.4M in non-recourse acquisition financing, and principal David Tobin says the loan came through at extremely favorable rates. Britannia Business Center III consists of about 125k SF of office and 66k SF of R&D space between three single-story buildings. Ridge Capital will invest $2.5M in capital upgrades, rebranding the portfolio as Diablo Technology Center. Mission Capital arranged the financing and sold the property.
The R&D space is fully leased to contact lens developer CooperVision and a total of eight tenants lease space at the property. Mission Capital director Steven Buchwald and analyst Lexington Henn secured the loan, and the team of managing director Will Sledge, director Gregg Applefield and VP Patrick Arnold arranged the deal.
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