Mesa West Capital Provides Business Park Refinancing
- Jul 07, 2016
San Diego—Brookwood Financial Partners has successfully refinanced a Kearny Mesa multi-tenant office park under its ownership. The private equity investment firm received $18.3 million in first mortgage debt from Mesa West Capital to refinance the Four Points Business Park. CBRE Capital Markets representatives Mark McGovern and Scott Peterson worked on behalf of the borrower to arrange the financing.
Located at 5575 Ruffin Road in the Kearny Mesa submarket, Four Points Business Park totals 124,712 square feet of space. Built in 1988, the business park offers positioning at the corner of Ruffin Road and Chesapeake Drive.
Since acquiring the asset in June 2013, Brookwood has invested roughly $3.5 million in capital improvements as well as leasing costs. Since taking over the property, Brookwood managed to boost the asset’s occupancy, as the submarket as a whole significantly improved. Vacancy in Kearny Mesa is under the average San Diego office market figures, currently at a post-recession low, and absorption continued to remain high, recording 660,000 square feet in the year’s first quarter.
Image courtesy of Yardi Matrix