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August 23, 2017
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Purchase of 132k sf Kearny Mesa Biz Campus Financed with $34 Mil in Permanent and Bridge Loans

3/17/17

Klein Investment Family Limited Partnership recently acquired a 132.7k sf, four-building office/flex campus in the Kearny Mesa submarket of San Diego, to perfect an IRS 1031 tax deferred reverse exchange. The purchase was made with $34.3 mil in acquisition financing provided by MetroGroup Realty Finance.

The campus is located at 9404 Chesapeake Dr and 5775, 5785 and 5788 Roscoe Ct, just west of I-15 and south of Hwy 52. The property is 100% leased to Cobham Advanced Electronic Solutions, a subsidiary of global UK-based Cobham PLC, a leading technology company for the aerospace and defense industries.

Klein Investment Family Limited Partnership plans to make a number of significant tenant and capital improvements to the property. These include replacing roofing and HVAC units, upgrading electrical power, fire systems, and resealing and restriping the parking lots.

The financing consists of a permanent loan in the amount of $27.3 mil and a bridge loan in the amount of $7 mil. The permanent financing was for a term of seven years amortized over 25 years. The bridge loan was interest-only floating over LIBOR for a term of one year.

According to Patrick Ward, Founder of MetroGroup Realty Finance, “The bridge loan will provide temporary liquidity in anticipation of their selling an existing property. Proceeds from the sale of their existing property will retire the bridge loan and complete the reverse exchange.”






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