One West Bank Lends on $42M Calif. Industrial Acquisition
Guelda Voien July 18, 2014, 5:15 p.m.
An affiliate of Angelo Gordon & Co. and partner Crowsnest Properties refinanced an industrial business park called the Cerritos Corporate Center, in Cerritos, Calif., with $30 million from Pasadena, Calif.-based One West Bank.
The 460,356-square-foot asset is located at 13810-13950 Cerritos Corporate Drive.
The partnership purchased the property for $42.4 million last year, a deal that included the assumption of an existing loan, according to a statement from CBRE, which brokered the sale, at the time.
The Cerritos Corporate Center—comprised of seven freestanding buildings over 23.2 acres—is 95 percent leased, according to CBRE.
Shawn Rosenthal, executive vice president at CBRE, brokered the new loan with colleague Val Achtemeier.
“The local bank provided a short-term loan of up to five years,” Mr Rosenthal said. “Most short- term loans have some prepayment type of flexibility.”
Calls to Angelo Gordon were not returned. No contact information was available for Crowsnest.