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August 17, 2019
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OC Office Campus Refinanced with $56 Mil Loan

7/18/19

HERE, a five-building, 224k sf office campus in Laguna Hills, has been refinanced with a new $55.9 mil loan that was arranged by CBRE and funded through ARES. The multi-tenant complex, located at 23332, 23382 and 23422 Mill Creek Dr and 24411 and 24461 Ridge Route Dr, is owned by a joint venture between Cigna Investments Management and Cruzan.

Originally built in 1988-89, the borrower purchased the property in 2015 and has invested over $13 mil in capital and tenant improvements into the asset, transforming the traditional office space into a creative office campus. The updates include a state-of-the-art fitness center with resort-style showers and lockers, an onsite café operated by Steelhead Coffee, a conference center, and an open-air tenant lounge.

HERE is currently leased to a high-quality, economically diverse group of 42 tenants. The property sits on 16 acres and is strategically located less than two miles from the I-5/I-405 juncture that connects Laguna Hills to all of Orange County. The property is located two miles south of the Irvine Spectrum, which features many of Orange County’s most popular dining, retail and entertainment venues including Improv Comedy Club, Habana and Javier’s Cantina & Grill.

Mark McGovern, Scott Peterson, Morgon Fraser and Brian Cruz of CBRE’s San Diego office arranged the two-year, floating rate loan. According to McGovern, the property refi will enable the borrower to continue to provide today’s tenants with the high-end amenities and working environments that they desire.

Vacancy in Orange County dropped to a 10-year low of 8.7% in the first quarter due to strong leasing by technology, business service and financial service companies, according to a CBRE research report. Overall asking lease rates held steady quarter over quarter at $2.96 per square-foot per month but increased 2.1% year over year.




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