CBRE Capital Markets’ Debt & Structured Finance team has arranged a $70 million loan for the acquisition of a two-building, 311,305 s/f office campus in San Diego, California.
Mark McGovern and Scott Peterson of CBRE’s San Diego office worked on behalf of Invesco Real Estate and San Diego-based developer Cruzan to secure a four-year, variable rate loan through Cornerstone Real Estate Advisers Inc. which allows for the acquisition, reposition and potential development of the vacant parcel.
“In addition to the development opportunity, this project is a unique opportunity for Cruzan to convert the vacant building into a more contemporary and creative use asset. This is the first time the campus will be available to the market on a multi-tenant basis,“ said McGovern.
Located at 6420 & 6450 Sequence Drive in the Sorrento Mesa submarket, the campus is situated on nearly 26 acres, with approximately 5.7 acres of developable land.
The campus is 60 percent leased to a global communication technology company and serves as its corporate headquarters.
The campus is equipped with secured lobbies, cafeteria, gym, showers, basketball and volleyball courts, as well as several patios located throughout the property that serve as outdoor lounge and dining areas. The owners plan to renovate the property to appeal to a wide variety of tenants.
Cruzan is one of San Diego’s most active local investment and development firms, with a focus on office and industrial properties.
Invesco Real Estate manages $64.1 billion of real estate investments, including $36.1 billion in direct real estate investments and $28 billion in real estate securities (as of December 31, 2014).