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1/06/17
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Berkeley Partners has obtained $10.2 mil in acquisition financing for its purchase of Yorba Linda Business Park, a flex industrial park totaling 115.8k sf in the OC city of Yorba Linda. Berkeley Partners acquired the asset, consisting of four single-story buildings on nine acres at 22343, 22345, 22347 and 22349 La Palma Ave, from Rexford Industrial Realty for $17 mil, as reported on RENTV a couple of weeks earlier.
The property is near an entry ramp to the Riverside Freeway and is approximately 40 miles from the Ports of Long Beach and Los Angeles. Additionally, the business park has easy access to the southern part of Orange County via the Foothill Transportation Corridor (241) Toll Road. Yorba Linda Business Park features 68 industrial, office and flex units that are 91 percent leased to a variety of tenants, including The Well, Canyon Crossfit, Global Powersport Resource, CaliRovers and Central Enterprises.
HFF’s Jeff Sause and Kevin Mackenzie placed the 10-year, non-recourse loan with Michael McCool at Chase Commercial Mortgage Lending. The loan will have a fixed-rate for the first five years before converting to a floating-rate loan for the remaining five years. Loan proceeds were used to pay off a line of credit that was used to acquire the property 60 days before the loan closed.
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