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7/08/16
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Mesa West Capital has provided $18.3 mil in first trust deed, refi money for Four Points Business Park, a 124.7k sf, multi-tenant office park in the Kearny Mesa submarket of San Diego. Built in 1987, Four Points Business Park is located at the corner of Ruffin Rd and Chesapeake Dr, and consists of three low-rise buildings on a five-acre site.
The borrower is Brookwood Financial Partners LLC, is a private equity investment firm that specializes in acquiring and managing value-add commercial real estate and related operating businesses. In June of 2013, Brookwood acquired Four Points and invested approximately $3.5 mil to pay for capital improvements and leasing costs associated with stabilizing the asset.
The five-year, floating rate, non-recourse loan allows Brookwood to aggressively lease the last remaining vacant space at a renovated property in an improving submarket. The loan was originated by Mesa West’s Steve Fried and Seth Hall. Mark McGovern and Scott Peterson in the San Diego offices of CBRE Capital Markets arranged the financing.
Overall vacancy for San Diego office properties fell to a post recession low of 12.5% in the first quarter of 2016, driven by more than 660k sf of net absorption, nearly 20 percent occurring in Kearny Mesa, according to a report by CBRE. Overall vacancy in the Kearny Mesa submarket, which is nine miles north of Downtown San Diego, fell to 11.1% at the end of the first quarter, according to the CBRE report.
LA-based Mesa West Capital looks to continue to be active in the San Diego market. Mesa West originated a $130 mil first mortgage for 1 Columbia Place, a 556k sf Class A office complex in Downtown San Diego last summer.
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