Mesa West Capital Originates $73.5 Million Loan to Finance the Acquisition of 460,000 SF Office/R&D Campus in San Jose, CA
SAN JOSE AND LOS ANGELES, CA — Mesa West Capital has provided Brookfield Asset Management with $73.5 million in first mortgage debt to acquire and reposition the 460,000-square-foot, eight-building office/R&D portfolio known as Rio Robles Technology Park.
Ideally located in the North San Jose submarket of the Silicon Valley, the property is in close proximity to two major highways providing access to the surrounding area and to the San Jose International Airport. Situated on two parcels totaling 30 acres, the property features landscaped walkways, grounds, and courtyards, one- and two-story buildings ranging in size from 32,000 to 87,000 square feet, and flexible and efficient floor plates. The Property is 70% leased to a variety of technology focused tenants including Hitachi and F5 Networks.
Part of the proceeds of the loan will be used by Brookfield to conduct a significant capital improvement plan to upgrade the buildings and outdoor areas.
“Brookfield is a strong sponsor with extensive experience in stabilizing transitional assets throughout the country,” said Jason Bressler who originated the financing for Mesa West Capital. “They plan to undertake an extensive renovation plan which will significantly improve the vacant buildings at Rio Robles and should position the Property favorably in an improving market.”
The financing was arranged by Rob Rubano and Greg Stampley of Eastdil Secured.
About Mesa West Capital, LLC
Los Angeles-based Mesa West Capital (www.mesawestcapital.com) is a privately held portfolio lender with a current capital base of approximately $3.5 billion. Mesa West has an established debt platform that continues to provide flexible and reliable capital for real estate acquisitions, re-financings and re-capitalizations on office, retail, industrial, multifamily and hotels in the United States.
About Brookfield Asset Management
Brookfield Asset Management Inc. is a global alternative asset manager with over $175 billion in assets under management. The company has over a 100-year history of owning and operating assets with a focus on property, renewable energy, infrastructure and private equity. Brookfield offers a range of public and private investment products and services, and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and BAM.A, respectively.