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10/07/16
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CBRE’s Capital Markets’ Debt & Structured Finance team has arranged $24.1 mil in acquisition financing for the purchase of a 105.5k sf, Class A office building in Walnut Creek on behalf of a joint venture between Lowe Enterprises and Cigna Investment Management. The buyer intends to make improvements to the project that will enhance the overall tenant experience.
CBRE’s Mark McGovern, Scott Peterson and Brian Cruz arranged the seven-year variable rate loan. Additional proceeds are available for a capital expense program to facilitate the building upgrades and improvements over the next year.
Located at 500 Ygnacio Valley Rd, the property is a four-story, multi-tenant office building within walking distance to Walnut Creek’s downtown retail core, home to numerous upscale restaurants and shops. It is one block from the BART station and within one mile of Broadway Plaza, The East Bay’s premier retail center.
On-site amenities include a three-level subterranean garage with direct elevator access and valet parking, 12 exclusive outdoor tenant balconies and a conference room.
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