George Smith Partners Closes On $18M Orange County Office Portfolio As Investors Shift To Class-B Office
On behalf of an undisclosed borrower, George Smith Partners has arranged $18M in financing for the acquisition of four mid-rise and low-rise office properties in Orange County.
The four-property portfolio is 85% occupied with properties in Santa Ana, Anaheim and Lake Forest.
The name of the seller or sellers was not disclosed.
George Smith Partners Senior Vice President Alina Mardesich and Assistant Vice President Joseph P. Cannizzaro II arranged the financing.
Mardesich said the buyer plans to renovate and reposition the assets and maximize the value of the portfolio.
“This portfolio represents a rare value-add opportunity in the tightening Orange County office market,” Mardesich said in a news release.
“With office occupancy rates steadily rising and asset prices reaching new highs, many investors are looking toward both mid-rise and cost effective low-rise properties,” she said.
George Smith Partners secured the loan at a rate of 3.75%. The nonrecourse loan is interest-only during the initial term and then moves to an extended 30-year amortization schedule, George Smith officials said.
