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12/15/15
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Mission Capital Advisors has arranged a $13 mil floating-rate loan from a private specialty finance lender, secured by Capital Commerce Center, a multi-faceted, 127-acre, primarily industrial property in Sacramento. The property is located at 6200 Franklin Blvd, south of Fruitridge Rd between I-5 and Hwy 99.
The property was built in 1947 by global food giant Campbell’s Soup, and served as a major food manufacturing plant until Campbell’s sale of the property to the sponsor in 2013. With 500k sf of vacant space, as well as additional developable land, the property is attractive to tenants looking for industrial, office or retail space.
The property is located near major roadways and mass transit and is proximate to commercial transportation options, including the Port of Sacramento and the Union Pacific railroad.
Mission Capital’s Gregg Applefield, Alex Draganiuk and Lexington Henn arranged the non-recourse financing. The borrower is an affiliate of Hackman Capital Partners LLC and Rabin Worldwide Inc, the joint-venture that purchased the property in 2013.
“After acquiring the site in 2013, the sponsor has rapidly leased 60 percent of the property to major tenants” said Applefield. “Despite the property’s previous specialty use, ownership has made the necessary renovations, outfitting the facilities for modern tenants and effectively repositioning the Capital Commerce Center as a multi-tenant manufacturing and commercial park.”
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