Sempra’s HQ Scores $30M in Financing

Shapery Enterprises recently secured a loan for its 101 Ash Street property, with the help of financing provider HFF. Shapery controls the borrowing entity, The Gas & Electric Headquarters Building – San Diego, LP, and received $30 million in financing for the property. The team that handled the financing process was led by HFF senior managing director Tim Wright and director Zack Holderman.

Shapery Enterprises has secured $30 million in financing for Sempra Energy’s headquarters in downtown San Diego. Shapery’s affiliate, The Gas & Electric Headquarters Building–San Diego L.P., received the loan for 101 Ash St., a 347,087-square-foot office tower. A team from HFF arranged the financing, led by Tim Wright, a senior managing director, and Zack Holderman, a director at the firm.

Located in the Broadway Corridor, 101 Ash is near the Civic Center, Little Italy and the Gaslamp District. Interstate 5 is also close by, and the 21-story building offers views of the San Diego Bay, downtown, Coronado Island, Balboa Park and the Pacific Ocean.

The combination of a well-maintained property and a willing sponsorship team enabled HFF to “successfully structure a loan that both addressed the looming lease expiration and the long-term strategic repositioning plan for the asset,” Holderman said in a statement.

Sempra, the parent of San Diego Gas & Electric Co. and Southern California Gas Co., is 101 Ash’s sole tenant. Shapery plans to reposition the property after Sempra’s lease expires in mid-2015.

Image courtesy of Wikipedia via user Nehrams2020