Lincoln Property Company Lands $65M Refi for L.A. Office Complex

The mixed-use asset features 583,580 square feet near Culver City and Baldwin Hills

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The owner of Wateridge, a six-building office and retail campus with 583,580 square feet on Los Angeles’ Westside, has secured refinancing, JLL (JLL) announced Tuesday.

An affiliate of Lincoln Property Company landed the five-year, fixed-rate loan for $65 million from Deutsche Bank (DB). The asset is 80 percent leased to tenants that include Kaiser Health Foundation, the County of L.A. and Providence Health.

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Wateridge was built between 1989 and 2005 at La Cienega Boulevard and West Slauson Avenue, between Baldwin Hills and Culver City. The 21-acre campus features three office buildings, a medical office, a 24-hour fitness facility and a strip retail center. Property records show the asset at 5035-5150 Goldleaf Circle last traded hands for $100 million in June 2016.

JLL’s capital markets team of Todd Sugimoto, Mark Wintner and Chad Morgan represented the borrower in securing the funds. 

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.