Oceanside CA– CBRE Capital Markets’ Debt & Structured Finance team arranged a $7.1 million loan on behalf of Fenway Properties for Tri-City Corporate Towers in Oceanside, California.
Mark McGovern and Scott Peterson of CBRE’s San Diego office secured a bridge loan through a national debt fund for substantially upgrading both the exterior and interior of the building, as well as providing capital for the lease-up of the existing vacancy.
Mr. Peterson commented, “The acquisition is a great opportunity for Fenway to capitalize on repositioning two great assets in North County San Diego. The financing provides the capital to improve the two buildings in order to compete more effectively for both medical and office uses near the Tri-City area.”
Located at 3142 & 3156 East Vista Way, the 64,190-square-foot property is situated on 5.16 acres, and is a two-building, four-story, multi-tenant office building with medical suites and 285 surface parking spaces. The property is centrally located in Oceanside with highway visibility, back-country views of rolling hills and the El Camino Country Club’s golf course.
Notable tenants include U-T San Diego, Sleep Data Holdings and several professional firms. The owner plans to completely update the exterior and rebrand the property. The property will be renamed to Pacific Gateway.
Fenway Properties is a San Diego-based, privately held real estate company, focused on value added and turn-around transactions for private and institutional investors. Fenway owns, leases and manages properties in Southern California and Phoenix.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. To learn more about CBRE Group visit their website at www.cbre.com.