CITY OF INDUSTRY, CA-NorthMarq's Los Angeles office has arranged acquisition financing of $26.75 million for the Unical Industrial Building located at 680 S. Lemon Avenue in City of Industry.
The asset is an owner-user property containing 472,876 sq. ft. of industrial space.
Financing was based on a 17-year term and a 17-year amortization schedule. NorthMarq's Michael Elmore, executive vice president and managing director for the Los Angeles regional office, arranged the financing for the borrower through its relationship with a correspondent life company lender.
“The buyer had a below market purchase option within a 2009 lease and had invested significant capital in upgrading the building; the lender financed 100% of the option purchase price but only 55% of the fair market value,” Elmore said.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
