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6/28/16
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HFF has arranged $42.565 mil in acquisition financing for 465 North Halstead, a 238.2k sf, creative office building in Pasadena. The borrower is a partnership between EverWest Real Estate Partners and The Rhône Group, who purchased the property for $67 mil, as reported by RENTV a couple of weeks earlier.
The two-story property is sitated on 9.6 acres at 465 North Halstead, St, north of the 210 Fwy and just west of Rosemead Blvd. The building is 89 percent occupied and boasts a strong tenant roster, including the corporate headquarters of Community Bank as well as companies such as OE Waves, PNC Bank and Giant Magellan Telescope Organization, the builder of the world’s largest land-based telescope and one of the property’s newest occupants.
The asset was sold by DivcoWest Real Estate and Edgewood Realty Partners, who had acquired it in 2013 for about $36 mil. It is located two blocks from the NE Pasadena Gold Line Station.
HFF’s Eric Tupler and Marc Schillinger arranged the five-year, floating-rate loan with Bank of America. Loan proceeds were used to acquire the property. The loan has two, one-year extension options.
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