Jul
17
Metrogroup Secures Acquisition Financing for OC Asset
ByThe company landed financing for 46 percent of the purchase price. The buyer recognized the property’s potential for value creation, given the nearby $450 million project underway.
MetroGroup Realty Finance secured $3.9 million in permanent acquisition financing for Orangewood Business Plaza, a three-building industrial/office business park in Orange, Calif. The financing represented 46 percent of the 8.5 million purchase price. Lee & Associates represented both the buyer, Betty L. Davies Family Ltd. Partnership, and the seller, Orangewood Business Plaza LLC.
The 49,880 square-foot business park consists of one office building and two flex/industrial buildings located at 1717 and 1745 W. Orangewood Ave. and 571 N. Poplar St. The buyer plans to reposition the asset built in 1977, which was fully occupied at the time of sale. Another Orange County industrial asset 10 miles away traded recently for $12.2 million…
