JLL Capital Markets placed the loan for 114 Pacific Court in the high-barrier-to-entry Irvine Spectrum submarket in Irvine, CA

 

114 Pacific Court, a 110,392-SF, Class A office building in  Irvine, CA

 NEWPORT BEACH, CA – JLL Capital Markets announced it has arranged financing for 114 Pacifica Court, a 110,392-square-foot, Class A office building in Irvine, California.

 JLL worked on behalf of the borrower, Meridian and Harrison Street to secure the floating-rate loan through H.I.G. Realty Partners. The three-year loan has two, one-year extension options.

The JLL Capital Markets team representing the borrower was led by Managing Director John Chun.

John Chun.

“The Irvine Spectrum submarket has a limited number of available medical office space, and Meridian and Harrison Street have a well laid-out business plan to attract a wide variety of medical office tenants,” Chun noted.

 Loan proceeds will be used to convert 114 Pacifica into a Class A medical office building, which will include adding a three-level parking structure in the north end of the property.

In addition, the property is currently 49% occupied and as leases roll over the next two years, ownership will convert the general office tenants to medical office tenants.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.                                         

 

 CONTACT:

Kristen Murphy

 JLL Senior Manager, Public Relations

Phone: +1 617-848-1572

Email:  Kristen.Murphy@am.jll.com  

http://www.harrisonst.com/

jll.com.