September 22, 2016
PCCP, LLC provided a $25.6-million senior loan to Angelo, Gordon & Co. for the acquisition, repositioning, and leasing of Wateridge Pointe, an office project in San Diego, CA. SteelWave was the seller of the two-building property located in the Sorrento Mesa submarket.
Wateridge Pointe was built in 1998 on a 9.5-acre site, and totals 123,675 square feet. The new owner plans to reposition the 83.7%-leased asset into a light creative build-out aimed at attracting a broad range of tenants.
PCCP’s Ron Bonneau says, “Angelo, Gordon & Co. has significant experience owning in the Sorrento Mesa area, and will soon provide the submarket with a newly renovated asset that will appeal to users seeking quality office space.”
For comments, questions or concerns, please contact Dennis Kaiser