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12/09/22
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2425 Auto Park Way, Escondido |
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JLL Capital Markets -- Aldon Cole and Brad Vansant with JLL Capital Markets arranged $20.6 mil in acquisition financing and joint venture equity for 2425 Auto Park Way, an 88.7k sf corporate headquarters and distribution facility in Escondido. The property is fully leased by Sound Image, which provides sound reinforcement services for the music and entertainment industry, and Goodman, the world's largest manufacturer of heating, ventilation and air conditioning products and systems. 2425 Auto Park Way features 20’-22’ clear heights, dock and grade-level loading doors, 200 parking spaces and approximately 10k sf of office space. Positioned on approximately 6.76 acres in San Diego’s North County, the property benefits from its proximity to Interstate 5, the main north/south transportation artery for the West Coast, and Highway 78. JLL represented the borrowers, a joint venture between Stos Partners and a private investor, to secure the short-term, floating-rate loan through an insurance company.
Marcus & Millichap Capital Corporation -- Bradley Buzil with Marcus & Millichap Capital Corporation arranged an $8.37 mil loan for the acquisition of a mixed-use asset located at 202 E Wilson Ave in Glendale, CA. The property includes a 51-key-hotel that can be converted into apartments, as well as six ground floor retail spaces. The 27.1k sf mixed-use property is ideally located in Glendale’s downtown area, near several shopping, dining, nightlife, and entertainment destinations. The property is 10 miles from downtown L.A. and minutes from Burbank and East L.A. Terms of the loan include a 70% loan-to-cost, five-year term and 30-months interest only.
Gantry -- Gantry’s Demetri Koston and Crischell Bacarro secured $3 mil of permanent financing for the acquisition of Liberty Square, a 29k sf office building located in Liberty Lake, WA., a suburban community within the Spokane Metro Area. The two-story property features an architecturally distinctive glass curtain wall, two-story lobby, and finished basement. The loan terms include a very competitive fixed rate, 25-year amortization, plus being immediately open to full or partial prepayment at any time with no penalties. The borrower was a private investor.
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