OC Office Campus Lands $39M Financing
- Nov 06, 2017
Working on behalf of Menlo Equities, HFF arranged a $39 million loan for Towne Centre, a 292,271-square-foot office campus in Foothill Ranch, Calif.
The three-building campus, located at 27042, 27051, and 27121 Towne Centre Drive, was completed in 1999 and underwent renovations in 2015 and 2016. The two-story properties feature more than 1,400 parking spaces. Tenants at Towne Centre, which is currently 77 percent occupied, include Cox Communications, Associa and Fujitsu. The asset sits next to the 241 Toll Road, multiple public transportation and dining options, as well as a Hilton Garden Inn.
HFF Senior Managing Director Kevin MacKenzie, Senior Director Greg Brown, Director Jamie Kline and Analyst Nick Lench represented the borrower. Earlier this year, MacKenzie also arranged the financing for a portfolio comprising 13 multi-tenant retail centers located throughout Arizona, California, Florida, Georgia, Illinois, North Carolina and Texas.
According to Yardi Matrix data, Menlo Equities acquired the office park in 2015 from MetLife Real Estate Investment for $33 million.
Image courtesy of Yardi Matrix