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12/07/15
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A Swift Real Estate Partners entity has purchased McCabe Corporate Center, a three-building, 109.5k sf low-rise office complex in Irvine. The acquisition was funded with $24.2 mil in non-recourse financing arranged by CBRE Capital Markets’ Debt & Structured Finance team.
Located 2405, 2445 and 2485 McCabe Way, adjacent to I-405 between Von Karman Ave and Jamboree Rd, McCabe Corporate Center consists of three two-story and four-story buildings, along with a surface parking lot. It is situated within the Greater Airport Area submarket with excellent proximity to numerous restaurant, retail & hotel amenities.
CBRE’s Michael Walker and Brad Zampa arranged the three-year, floating-rate financing, with two one-year extensions. The balance sheet financing provides capital towards the purchase of the asset as well as capital for the modernization of the building and tenant improvements. The loan was priced well under 3% and was originated by a West Coast-based bank.
According to CBRE Research, the Orange County office market has performed very well over the last year and is expected to continue its momentum going forward. The overall vacancy was 9.6% as of the Q3 2015 and is expected to decrease over the next 12 months. The overall asking lease rate experienced the largest year-over-year increase since 2007 (11.8% in Q3 2015) and is projected to grow exponentially over the next 12 months (approximately $2.49 per sq. ft. NNN - an increase of 9.2%) by Q2 2016.
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