Walnut Creek, Calif. – CBRE has announced a $28 million loan for the refinancing of 500 Ygnacio, an office property in Walnut Creek, Calif.
Mark McGovern and Brian Cruz of CBRE’s debt and structured finance team in San Diego arranged the loan on behalf of the owner of the property, an entity managed by affiliates of Broadshore Capital Partners, a Los Angeles-based investment management firm.
Located at 500 Ygnacio Valley Road, the 105,500 square-foot property was originally constructed in 1988. The four-story building recently underwent a $3.47 million capital improvements and refurbishment program, which included extensive renovations to all common areas. The property features 200 covered parking spaces.
500 Ygnacio is within walking distance to Broadway Plaza, one of the top retail destinations in Northern California. The building has immediate access to I-680, a major freeway that connects Walnut Creek to the rest of the San Francisco Bay Area.
“Upon acquisition of the property in 2016, Broadshore quickly invested in a capital improvements program to make 500 Ygnacio one of the most updated and desirable office assets in Walnut Creek,” said Mr. McGovern.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.