Cornerstone Real Estate Advisers has provided a $70m loan to Invesco Real Estate and San Diego-based developer Cruzan for the acquisition of a two-building office campus in San Diego, California.
The four-year floating rate loan backs the acquisition and repositioning of the campus and the buildings, which combine for 311,300 sq ft. The deal carries a loan-to-value just under 82% based on the $85.5m the joint venture paid for the property.
Built in 1998 and located at 6420 and 6450 Sequence Drive in the Sorrento Mesa submarket, the campus is situated on nearly 26 acres, about 5.7 acres of which the new owners may choose to develop. An outdoor amphitheater is among the planned upgrades.
“In addition to the development opportunity, this project is a unique opportunity for Cruzan to convert the vacant building into a more contemporary and creative use asset,” said CBRE’s Mark McGovern, who arranged the financing with Scott Peterson. “This is the first time the campus will be available to the market on a multi-tenant basis.”
The campus is equipped with secured lobbies, a cafeteria, gym, showers, basketball and volleyball courts, and several patios that serve as outdoor lounge and dining areas.