CBRE Capital Markets’ Debt & Structured Finance Group Arranges $111.5 Million Loan for Rancho Vista Corporate Center
2020 一月 22
CBRE Capital Markets’ Debt & Structured Finance arranged a $111.5 million loan to refinance Rancho Vista Corporate Center, an 817,000 sq. ft. office/R&D campus in San Diego, California. The San Francisco-based CBRE team, led by Mike Walker and Brad Zampa, and including Megan Woodring and Taylor Shepard, secured the floating rate financing on behalf of Swift Real Estate Partners. Annaly Commercial Real Estate was the lender on the transaction, which closed on Jan. 7.
“Lender demand for the Rancho Vista refinance was extremely strong, driven by the strength of the sponsorship and the leasing demand we are witnessing in the submarket. Investment grade companies are looking to establish or expand employment in the region and capital continues to gravitate towards top tier sponsors in gateway markets like San Diego. This combination was a perfect fit for Annaly, who was excited to expand their relationship with Swift,” said Mike Walker.
Rancho Vista Corporate Center is comprised of multiple office/R&D buildings and a three-story Class A office building, totaling 816,771 sq. ft. on 67.5 acres. The campus, located at 16399 West Bernardo Drive, is centrally located within the Rancho Bernardo Industrial Park, west of Interstate 15 in the Rancho Bernardo submarket of San Diego.
Swift Real Estate Partners acquired the campus in 2016 and has since completed a $70 million transformation of the entire campus including upgraded building systems, added amenities including a fitness center and outdoor sport court facility; open-air collaboration and gaming areas; cafeteria renovation; new façades, exterior and landscaping; and increased connectivity between the buildings. Swift recently completed the final stage of their repositioning strategy, which included converting Building 60 from an R&D use to Class A Creative Office.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.