Kearny Mesa Office Campus Owner Gets $34.3M in FinancingMonday, March 20, 2017
Property owner Klein Investment Family Limited Partnership has obtained $34.3 million in acquisition financing on a Kearny Mesa office campus, according to MetroGroup Realty Finance, which arranged the financing.
A MetroGroup Realty statement said the four-building “flex” campus, with office and industrial elements, is fully leased to Cobham Advanced Electronic Solutions, a subsidiary of U.K.-based Cobham PLC, which provides technologies for the aerospace and defense industries.
The campus spans 132,695 square feet and is located at 9404 Chesapeake Drive and 5775, 5785 and 5788 Roscoe Court. MetroGroup provided a bridge loan in the amount of $7 million and a permanent loan in the amount of $27.3 million.
Klein Investment Family LP plans a series of significant tenant and property capital improvements, including replacing roofing and ventilation systems and upgrading electrical power and fire systems, as well as parking lots.
According to CoStar Group and public data, Newport Beach-based Klein Investment Family LP acquired the property for approximately $37.9 million in December 2016. The campus was acquired from New York-based Gramercy Property Trust Inc.