SACRAMENTO—The Capital Commerce Center is a property previously occupied by global food giant Campbell's Soup and served as a major food manufacturing plant from its opening in 1947 until Campbell's sale of the property to the sponsor in 2013. At that time, the commerce center located at 6200 Franklin Blvd. was repositioned as a multi-tenant manufacturing and commercial park. With 500,000 square feet of vacant space, as well as additional developable land, the primarily industrial property on 127 acres is conducive to tenants of industrial, office or retail space.
Secured by the industrial center, a $13 million floating-rate, non-recourse loan from a private specialty finance lender was arranged by Mission Capital Advisors' debt and equity finance group. The Mission Capital team of Gregg Applefield, Alex Draganiuk and Lexington Henn represented affiliates of Hackman Capital Partners LLC and Rabin Worldwide Inc., the joint venture that purchased the property in 2013, in securing the financing.
"After acquiring the site in 2013, the sponsor has rapidly leased 60% of the property to major tenants," said Applefield. "Despite the property's previous specialty use, ownership has made the necessary renovations, outfitting the facilities for modern tenants and effectively repositioning the Capital Commerce Center as a multi-tenant manufacturing and commercial park."
The property is located near key roadways and mass transit, and is proximate to commercial transportation options, including the Port of Sacramento and the Union Pacific railroad.
Applefield tells GlobeSt.com: "The property has several unique features, including proximity to major roadways, which make it extremely desirable to major tenants. We have a wide range of lender contacts who are comfortable with investing in value-add opportunities, and we were able to secure very favorable financing for the sponsor."
Mission Capital Advisors' recent California transactions include arranging the sale and financing of a 191,000-square-foot office and R&D portfolio in Pleasanton, CA, securing acquisition financing for a 144-key lifestyle hotel in Berkeley, CA and refinancing a 23-asset portfolio of multifamily, retail, industrial, flex and office properties located in Los Angeles, San Francisco and Orange County.
Iron Point Business Park, an office park in Folsom, reported full tenant retention earlier last year, as previously reported.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
