HFF announces capitalization of Gramercy Plaza in Torrance, CA

Gramercy Plaza, Along 190th Street Corridor, Torrance, CA

AJ Manas

NEWPORT BEACH, CA –– HFF announces the capitalization of Gramercy Plaza, a 158,000-square-foot, four-story, Class A office building centrally located along the 190^th Street corridor in Torrance, California. 

The HFF team worked exclusively on behalf of the sponsor, Preylock Real Estate Holdings (Preylock), to secure both the financing and the joint venture equity for the acquisition. 

The financing was structured as a three-year, floating-rate, interest-only loan with a specialty finance debt fund.  The total loan commitment is equal to 75 percent of the anticipated total project costs, including future funding to modernize the building’s interiors and exterior designs and implementation of a leasing initiative. 

Greg Brown

In addition, the team arranged Preylock’s joint venture equity with a national life insurance company.  Preylock acquired the asset on June 21^st for a purchase price of $26.18 million. 

Gramercy Plaza is located at 2050 W 190^th Street in the South Bay area of Los Angeles County, which is one of the fastest growing office submarkets in the Greater LA region. 

This location is proximate to the Ports of Long Beach and Los Angeles, and close to the Interstate 405 and 110 interchange connecting South Bay to the heart of Los Angeles. 

Gramercy Plaza will also benefit from the Metro Light Rail – South Bay expansion project, which will eventually link Torrance directly to LAX and the broader Los Angeles market. 

John Chun

The HFF team representing the sponsor included senior directors Greg Brown and John Chun and associate AJ Manas.

“We are excited to have closed this transaction with two new capital partners who differentiated themselves following a highly competitive marketing effort run by HFF,” a spokesperson for Preylock said. 

“HFF’s deep knowledge and relationships with institutional capital sources allowed us to strategically partner to complete this unique value-add opportunity. We look forward to continuing to collaborate with all parties involved on future transactions.”

Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Bureau of Real Estate, License Number 01385740.

For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 848-1572

krmurphy@hfflp.com

 http://www.preylockholdings.com/