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12/05/13
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Peregrine Realty Partners has purchased La Terraza Corporate Plaza, a 78.5k sf office building in Escondido, for $22.3 mil ($284/sf). The building was sold by Cypress Office Properties.
Built in 2008, the three-story office building is located at 500 La Terraza Blvd, east of I-15 and south of Valley Pkwy. It sits on a 3.65-acre lot overlooking the I-15 freeway, approximately one mile south of the SR-78 interchange, and has a distinctive stone and glass facade.
Cypress Office Properties acquired La Terraza in November, 2011 for $13.075 mil from a bank and stabilized the rent roll. They brought the building to 96% occupancy within 18 months.
Louay Alsadek, Gary Stache, Evan August, Pat Scruggs, Anthony DeLorenzo, Dan Yeilding and Larry Cambra of CBRE represented both parties in the sale. Mark McGovern and Scott Peterson of the CBRE Debt & Equity Finance division arranged fixed-rate 10-year financing with a loan-to-value ratio of approximately 70%.
“The CMBS market has made a strong comeback, with attractive long-term financing available for quality office buildings such as La Terraza,” said Peterson. “Current market conditions allowed us to secure favorable terms with a national investment bank including several years of interest-only payments.”
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