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Stream Realty Buys and Renovates Pacific Center

LOS ANGELES—The investor secures a $49.9 million loan to acquire the 302,628-square-foot office building and perform renovations to the lobby and interior units, GlobeSt.com reports EXCLUSIVELY.

By Kelsi Maree Borland | Updated on May 07, 2015

LOS ANGELES—Stream Realty has secured a $49 million loan for the acquisition and renovation of the Pacific Center, a 302,638-square-foot office building in Torrance, CA, GlobeSt.com reports exclusively. In an earlier story, GlobeSt.com reported that Stream Realty purchased the property from Bixby Land Co. for $68.5 million. Bixby Land had already invested $6 million into property renovations after buying the building for $52 million in 2013.

The financing for the property is a non-recourse, four-year interest-only loan with a floating rate, funded through a national bank. “Through an extensive marketing process, there was significant interest generated across the capital spectrum due to the high quality of the asset, the strong office market trends in the south bay, and the experienced sponsorship,” Kevin MacKenzie, senior managing director at HFF, tells GlobeSt.com. MacKenzie secured the funds on behalf of the borrower, along with HFF associate director Brian Torp.

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