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12/07/16
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Vectra Management Group Inc has acquired a Class A, 43.4k sf office building in Los Angeles for $17.06 mil ($393/sf) via an auction from UC Regents. The purchase was financed with a $16.75 mil bridge loan arranged by CBRE.
Though vacant upon purchase, the building has previously been occupied by major tenants, including DreamWorks, Electronic Arts and Mark Burnett Productions. Given its location in the prestigious Bel Air area of West Los Angeles, abundant secured parking and attractive patio space, the property is well positioned to appeal to today’s creative office space users.
The building is located at 640 North Sepulveda Blvd, north of Sunset Blvd and adjacent to the 405 Fwy. Vectra plans to invest significant money into the property to further upgrade the common areas and re-lease the property—potentially to another media or tech tenant.
Doug Birrell with CBRE Capital Markets Debt & Structured Finance arranged the transaction, which was financed utlizing a short-term bridge loan from JCR Capital. The loan provides an initial interest-only peroid with a fixed-rate structure and includes reserves for future tenant improvements, leasing commissions and planned capital improvements.
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