The 16-acre first phase consists of four single-story flex buildings that are 85% leased to five tenants. The tenants are Shea Homes, Surx, Allstate Insurance and Cupertino Electric.
The construction loan was paid off with a new $20-million, 10-year-loan provided by Prudential Mortgage Capital Company on behalf of the general account of The Prudential Insurance Company of America. The loan has an interest rate of 5.65% and amortizes over 17.5 years.
Richard Caterina of The Johnson Capital Group arranged the loan. The loan was originated by Marcia Diaz of Prudential Mortgage Capital Co.'s Los Angeles office.
Shea Center Livermore is located less than one mile from Interstate 580 and ultimately will be served by direct access via the proposed Isabel Avenue Hwy 84/I-580 Interchange. The Wentz Group of San Carlos, CA, handled construction of the first phase of Shea Center Livermore. The timeline for development of the rest of the business park was not immediately available from Shea Properties.
Aliso Viejo, CA-based Shea Properties currently owns and operates more than 3.2 million sf of commercial real estate and 5,800 apartment units in California and Colorado. The company has another 10 million sf of commercial real estate and 7,000 apartment units in the development pipeline.
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