HFF secures $49.019 million acquisition financing for Torrance, California Class A office building
IRVINE, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $49.019 million in financing for Pacific Center, an eight-story, 302,628-square-foot, Class A office building in Torrance, California.
Working on behalf of Stream Realty Partners, L.P., HFF placed the four-year, floating-rate, interest-only loan with a national bank. The non-recourse financing, which was used to acquire the property, was also structured to fund additional lobby renovations, as well as future tenant improvements and leasing commissions.
“HFF’s debt team did an excellent job of creating a competitive market which enabled us to select a lender that best aligned with our strategy. The quality of the asset combined with strong fundamentals in the market made the debt placement a smooth process,” said Colby Annett with Stream Realty Partners.
Pacific Center is located at 21250 Hawthorne Boulevard adjacent to the Del Amo Fashion Center, which is currently being transformed into a state-of-the-art lifestyle retail center in Los Angeles County’s South Bay market. The 7.3-acre site is close to the 405 and 110 Freeways, Los Angeles International Airport and Long Beach Airport as well as the port systems in both cities. Originally built in 1988, Pacific Center underwent renovations in 2013 to its landscaping, outdoor amenities, elevators, interior corridors and more. The property features a five-story parking structure in addition to 24-hour guard service. Pacific Center is 79.8 percent leased to tenants including Bank of America, Wells Fargo, PNC Bank, Morgan Stanley and ANA.
The HFF debt placement team representing the borrower was led by senior managing director Kevin MacKenzie and associate director Brian Torp.
About Stream Realty Partners, L.P.
Stream Realty Partners, L.P. is a commercial real estate services organization working for owners, investors and occupants. Stream is privately held and specializes in leasing, property and facilities management, tenant representation, development, investment, and sustainability. Learn more at streamrealty.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.