CCRE writes 10-year loan on $26m San Diego acquisition

Cantor Commercial Real Estate has provided $18 million to Webb Management & Investments for the acquisition of a four-building, multi-tenant business park in San Diego, California.

Cantor Commercial Real Estate has provided $18 million to Webb Management & Investments for the acquisition of a four-building, multi-tenant business park in San Diego, California.

Sorrento Pines Business ParkThe 10-year, fixed-rate acquisition loan was arranged by HFF. Webb purchased the Sorrento Pines Business Park from Parallel Capital Partners for $26 million, free and clear of existing debt, which puts the loan-to-value just over 69 percent.

The mixed-use business park, built in 1979 and located at 4106, 4110, 4116 and 4122 Sorrento Valley Boulevard in the Sorrento Valley submarket of San Diego, totals 114,656 sq ft. It was renovated in 2012 and is 100 percent leased to a tenant roster that includes Bastyr University and Pall Corporation, a wholly owned subsidiary of Danaher Corporation.

It features a mix of office, flex and industrial space and has immediate access to two of San Diego’s main arteries, Interstates 5 and 805.

CCRE recently teamed up with Societe Generale on a $210 million refinancing on the Ritz-Carlton South Beach hotel in Miami, Florida. The company also reemerged from a near-five-year hiatus as a CMBS issuer earlier this year with Cantor Commercial Real Estate CFCRE 2016-C3 Mortgage Trust, its third conduit and first since December 2011.

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