June 22, 2017
Alton Deere Plaza, a multi-tenant office park located in the Irvine Business Complex in the city of Santa Ana, CA, was acquired by Benchmark Holdings for $32.8 million. The property, located at 1920-1940 Deere Ave., features six one- and two-story office buildings totaling 185,245 square feet.
The project is 96% leased to 21 tenants, including Verizon, XO Communications and American Cancer Society with in-place average rents 28% below market.
CBRE’s Shaun Moothart and Bruce Francis arranged the debt and equity funding on behalf of the buyer. CBRE’s Anthony DeLorenzo, Gary Stache, Sean Sullivan, Todd Tydlaska and Ted Snell represented the undisclosed seller.
Moothart and Francis facilitated a five-year floating-rate bridge loan priced in the mid-200’s over LIBOR, with interest only for the entire term of the loan.
For comments, questions or concerns, please contact Dennis Kaiser