West LA Office Asset Lands $33M Refi
- Nov 03, 2017
Quantum Capital Partners secured a $32.9 million CMBS loan for a 107,000-square-foot West Los Angeles office building. Proceeds from the 10-year, interest-only loan will be used to retire existing debt and return equity to the landlord, a partnership between Sunrise Real Estate Group, Robhana Group and 4M Investment Group.
Located at 12301 Wilshire Blvd., the six-story asset was completed in 1974. In recent years, the building underwent a capital improvement program that included upgrades to its façade, the renovation of the common areas, restrooms and lobby. The asset is the home to such companies as New Metabolism, Village Studio and MIG Investment. The property features more than 300 parking spaces. The building sits less than three miles from interstates 10 and 405. The office asset offers easy access to multiple bus stations, restaurants and hotels, including California Wok, Hotel Wilshire and Comfort Inn Santa Monica.
According to Yardi Matrix data, the joint venture acquired the property in 2014 in an off-market transaction from The Howard Hughes Corp.-controlled TPMC Realty Corp. for $39.3 million.
Earlier this year, Quantum Capital Partners also arranged two separate loans to refinance a Walmart-anchored shopping center in Torrance, Calif., and four fully leased retail buildings in Beverly Hills.
Image courtesy of Quantum Capital Partners