San Diego CA— CBRE Capital Markets’ Debt & Structured Finance has secured financing for two office properties in San Diego’s Kearny Mesa neighborhood, totaling 87,775 square feet.
CBRE’s Shaun Moothart, Bruce Francis, Bob Ybarra, Jennifer Ansari, Dana Summers, and Doug Birrell arranged the non-recourse, interest-only loan on behalf of the borrower, Brixton Capital. The financing provides for future funding to build out tenant improvements, leasing commissions and capital expenditures.
Lomas Pacific I is located 9619 Chesapeake Drive, and Lomas Pacific II is located 9444 Farnham Street. The properties were originally built in 1983 and 1985, respectively, and renovated in 2017. Improvements include an interior and exterior refresh, new signage, elevator modernization, new lobbies and hallways, remodeled restrooms and landscaping. The buildings offer ample parking, outdoor seating and meeting areas and are within walking distance to retail amenities.
The properties benefit from immediate access to Interstate 15 and CA Highway 52 and proximity to Interstate 805 and CA Highway 163, two major freeways that connect the area to greater San Diego County. They are situated approximately 13 miles from the San Diego International Airport and 11 miles from Downtown San Diego.
The COVID-19 pandemic has had a profound impact on the national and regional economies, but CBRE Econometric Advisors (CBRE EA) is projecting a robust recovery beginning in 2021, with office markets projected to fully recover by Q4 2021.