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5/21/24
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Sunroad Enterprises has landed an $82.46 mil refi on Sunroad Centrum Office Tower, an 11-story, Class A office building totaling 274.8k sf in San Diego. The five-year, fixed-rate senior loan was arranged by JLL Capital markets and funded through Goldman Sachs.
Originally built in 2008, Sunroad Centrum Office Tower was previously 100% occupied by Bridgepoint Education, who vacated in 2020 per their lease maturity. At completion, Sunroad Enterprises invested $30 mil ($110/sf) in TIs and LCs to re-tenant the building.
At closing, the building was 100% leased. The new rent roll includes a Berkshire Hathaway Company (12.4% of RSF), Kyocera (4.0% of RSF), Appfolio (9.2% of RSF), Conam (5.4% of RSF), Veterans Administration (43.7% of RSF), California Government Departments (16.2% of RSF), and Sunroad’s Corporate Headquarters. Credit/Gov tenancy represented approximately 60% of the rent roll and building has WALT of 10.5 years remaining with no lease maturities until 2029.
Improvements to the project include a full-service gym and lockers, restaurant, conference centre, controlled access, renovated lobby and elevators, and abundant parking of nearly six per 1000. In addition, it is part of the Sunroad Centrum master plan, which includes 1,245 luxury apartments, Park Social Restaurant, six separate gyms, five pools, multiple amenity areas, a barber shop, pickleball courts, a two-acre park, which includes a separate dog play and child play area, and an active and integrated central street.
Sunroad Centrum Office Tower is positioned on a 1.47-acre site at 8620 Spectrum Center Blvd. in the Kearney Mesa submarket of San Diego. The building has frontage along Hwy 163 and is close to Interstates 805 and 8 as well as State Route 52. The submarket is one of the most centrally located office markets in San Diego County and has attracted a significant corporate tenant base.
Aldon Cole, Tim Wright and Bharat Madan with JLL brokered the transaction for the borrower.
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