New Owner Gets $17.1M in Financing for Kearny Mesa Office ParkThursday, June 20, 2013
Massachusetts-based Brookwood Financial Partners LLC has obtained $17.1 million in financing for its recent acquisition and planned upgrading of Four Points Business Park in Kearny Mesa, according to CBRE Capital Markets, which arranged the financing.
A CBRE statement said the brokerage firm has also been awarded the leasing assignment for the property, located at 5575, 5625 and 5675 Ruffin Road. The three multitenant office buildings total 124,712 rentable square feet.
Financing included a 70 percent loan-to-purchase price, with additional proceeds for capital upgrades, tenant improvements and leasing commissions to stabilize the property. Brookwood will use the financing to update and improve common areas, landscaping, signage, parking lots and other elements.
Four Points is currently 84 percent leased. It is the third acquisition by the privately held Brookwood in the San Diego region over the past 20 months, following prior purchases of Mission Valley Crossroads, and Bernardo Executive Center in Rancho Bernardo.
Brookwood recently purchased Four Points for $21.2 million from Four Points Partners LLC, which was represented by brokerage firm Jones Lang LaSalle, according to a JLL statement.
— SDBJ Staff Report