75,000 SF of Office Space Picks Up Financing

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LA JOLLA, CA-Two office buildings in the area recently received financing totaling $6.9 million. The two buildings, Jutland Office Building and Vista La Jolla Corporate Center, total 75,586 sf. ColRich, a commercial real estate developer, owns both properties.The San Diego office of Holiday Fenoglio Fowler LP secured financing on both properties, according to an HFF official. Jutland Office Building picked up a $3.3-million loan, while Vista La Jolla Corporate Center received $3.6 million. On behalf of ColRich and its joint venture partners, HFF associate director Aldon Cole and senior real estate analyst Anson Eeds worked on the deals, securing two 10-year, fixed-rate loans through CW Capital, a conduit lender. The properties are 65% leveraged.”We were able to create an competitive market on pricing and structure, and positioned the client to take advantage of a dip in treasuries, which we capitalized on by providing an early rate lock,” Cole says.Jutland Office Building is 100% leased and counts 36,135 sf on just over two acres. Its tenants include Charlotte Russe, Nextel, Sprint and Club Demo Services. The 39,451-sf Vista La Jolla is 95% leased. Its tenants include ReMax, GTE Mobile Net and ColRich Residential. Another property that recently picked up financing is the ground floor segment of Laurel Bay, a mixed-used residential and retail development at 2400 Fifth Ave. Burnham Real Estate’s Capital Markets Group arranged a $4.6-million loan for the acquisition of the 17,943-sf retail section of the property. Besides the retail segment, the property includes 150 for-sale residential condos.Jamie Dick of Burnham’s Capital Markets Group arranged the loan for the borrower, Laurel Bay LLC. Burnham’s Bill Shrader represented the seller, Hammer Laurel Condominiums LLC. Greg Wagner of Capital Growth Properties represented the buyer, Laurel Bay LLC.