Irvine Co. Has obtained $ 98.9 million for the refinancing of Jamboree Business Park, an industrial campus of 558,000 square meters in Irvine, California, a sub -market for Orange Land, according to Yardi Research Data. Oneadererica offered the memorandum set to mature in 2035.
Previous financing for the property with 10 buildings included a loan of $ 48.5 million from Guardian Life Insurance Co. In December 2014, the same source shows.
The tenant roster includes La Jolla Group and SSF imported car parts. The 34-hectare campus is located on 14150-14460 Myford Road and is close to Interstate 5 and Highway 261. The Irvine Business complex is 5 miles away, while the center of Santa Ana, California, 6 miles is northwest.
Also read: 2025 Sales volumes for industrial net lease and cap rates
The buildings completed in 1999 and have clear heights ranging from 12 to 30 feet. The campus has a total of 67 dock high loading doors, as well as 14 drive-in doors and a truck court from 130 to 170 feet. The building also has more than 1,100 parking spaces and outdoor work spaces, together with a barbecue area.
In the first quarter of this year, the original properties for industrial properties fell by 2 percent compared to the same period last year, according to the MortGage Bankers Association. Moreover, the debt financing for this assets fell a strong quarter-over quartaal, by 43 percent. However, despite a fall in the origin volumes, the general level of commercial mortgage debt has increased during this period.
The Orange County industrial sector is holding
The Orange County industrial sector remained stable in the first five months of this year. The vacancy of the metro came from May 6.8 percent, considerably below the national average of 8.5 percent, according to the latest Yardi Matrix Industrial Report. In the meantime, the average rent of the metro per square foot was $ 16.7, almost double the American figure.
In terms of sale, $ 559 million in industrial facilities that have been traded on the market from May to date. Orange County Activa changed hand for $ 282 per square base, considerably higher than the national average of $ 133. Under pear subways, only Los Angeles ($ 311 per square foot) was more expensive.
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