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4/09/15
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CBRE Capital Markets’ Debt & Structured Finance team has arranged a $70 mil loan for the acquisition of a two-building, 311.3k sf office campus in San Diego. The property was purchased by Invesco Real Estate and San Diego-based Cruzan for $85 mil ($275/sf), as reported on RENTV a few days ago.
Located at 6420 & 6450 Sequence Dr, north of Mira Mesa Blvd and west of Camino Santa Fe in the Sorrento Mesa submarket, the campus is situated on nearly 26 acres, with approximately 5.7 acres of developable land. The campus is 60 percent leased to a global communication technology company and serves as its corporate headquarters.
The campus is equipped with secured lobbies, cafeteria, gym, showers, basketball and volleyball courts, as well as several patios located throughout the property that serve as outdoor lounge and dining areas. The owners plan to renovate the property to appeal to a wide variety of tenants.
The existing architecture and design of the property was ahead of its time when initially built in 1998. Cruzan’s renovation plans include the creation of a contemporary café, a fully–integrated fitness center, an outside amphitheater for all tenants to use, and new passive and active spaces for use by all campus tenants.
Mark McGovern and Scott Peterson of CBRE’s San Diego office arranged a four-year, variable rate loan through Cornerstone Real Estate Advisers Inc, which allows for the acquisition, reposition and potential development of the vacant parcel.
Louay Alsadek, Justin Parsonnet, Hunter Rowe, Chris Pascale and Mike Hoeck of CBRE represented the seller, a publicly traded company. The buyers represented themselves in the purchase.
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