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April 24, 2024
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West Los Angeles Office/Retail Campus Lands $65 Mil Refi

4/03/24

A Lincoln Property Company affiliate has obtained a $65 mil refi for Wateridge, a six-building, 583.6k sf office and retail campus in West Los Angeles. The Lincoln entity, LPC Realty Advisors I LLC, purchased the asset in 2016 for about $135 mil on behalf of a public pension fund client.

Built between 1989 and 2005, Wateridge’s campus spans 21 acres and consists of three multi-tenant office buildings, a single-tenant medical office, a standalone 24-hour fitness facility and a multi-tenant strip retail center in a lushly landscaped setting. Located on the corner of La Cienega Blvd and Slauson, the property is 80% occupied and leased to credit tenants including Kaiser Health Foundation, the County of Los Angeles and Providence Health.

Todd Sugimoto, Mark Wintner and Chad Morgan with JLL Capital Markets arranged the five-year, fixed-rate financing through Deutsche Bank.




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