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FINANCING NEWS
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Stream Realty Finances South Bay Office Buy with $49 Mil Acquisition Loan

5/12/15

Stream Realty Partners LP financed its recent acquisition of the Pacific Center office tower in Torrance with a $49 mil loan arranged by HFF. Stream Realty paid $68.5 mil ($235/sf) for the eight-story, 302.6k sf Class A building, as reported by RENTV at the time.

The four-year, floating-rate, interest-only loan was funded by a national bank. The non-recourse financing, which was used to acquire the property, was also structured to fund additional lobby renovations, as well as future tenant improvements and leasing commissions.

Pacific Center is located at 21250 Hawthorne Blvd, adjacent to the Del Amo Fashion Center, which is currently being transformed into a state-of-the-art lifestyle retail center in Los Angeles County’s South Bay market. The 7.3-acre site is close to the 405 and 110 Freeways, Los Angeles International Airport and Long Beach Airport as well as the port systems in both cities.

Originally built in 1988, Pacific Center underwent renovations in 2013 to its landscaping, outdoor amenities, elevators, interior corridors and more. The property features a five-story parking structure in addition to 24-hour guard service. Pacific Center is 79.8 percent leased to tenants including Bank of America, Barrister Executive Suites, Wells Fargo, PNC Bank, Morgan Stanley and ANA.

HFF senior managing director Kevin MacKenzie and associate director Brian Torp arranged the financing. The property was sold by Bixby Land Company, who transformed the asset into a contemporary work environment after acquiring the building from TA Associates for $52 mil in July 2012.






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